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Israeli Firms Launch Major 60 Million Euro Energy Storage Project in Bulgaria
Israeli companies Clal Mobil Energy and Tamnat have launched a 60 million euro electricity storage facility in Silistra, Bulgaria. The project, located on the site of a former airport in Lambrenovo, northeastern Bulgaria, has a capacity of 150 megawatts and 317 megawatt-hours. It was connected to the national power grid within six months of its acquisition.
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What happened
- 01Israeli companies Clal Mobil Energy and Tamnat launched a 60 million euro electricity storage facility in Silistra, Bulgaria.
- 02The facility has a capacity of 150 megawatts and 317 megawatt-hours, utilizing batteries from China's BYD.
- 03Clal Mobil Energy holds a 60% stake in the project, while Tamnat holds the remaining 40%.
- 04The project is expected to generate 12.8 million euros in its first year by trading off-peak and peak electricity.
- 05The venture is eligible for an 8 million euro grant from the European Union and secured 49-year land usage rights.
- 06Tamnat is preparing to raise 100 to 200 million shekels through a bond issuance on the Tel Aviv Stock Exchange.
Clal Mobil Energy, owned by the Haralap family, holds a 60% stake in the venture, while Tamnat, controlled by Major General (Res.) Israel Ziv, holds the remaining 40%. The facility utilizes batteries from China's BYD to purchase low-cost off-peak electricity from Bulgaria and Romania and sell it at higher peak prices. The project is expected to generate 12.8 million euros in its first year and yield returns within three years.
The total investment of approximately 60 million euros was partially financed by Bulgaria's DSK Bank and is eligible for an 8 million euro grant from the European Union. The companies have secured land usage rights for the 16.2-dunam site for 49 years. Clal Mobil Energy plans further expansion in Eastern Europe, while Tamnat is preparing to raise 100 to 200 million shekels through a bond issuance on the Tel Aviv Stock Exchange.
Summarized by baba from the reports of 3 newsrooms. Updated
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