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Enlight Energy and NewMed Energy To Develop Renewable Energy Projects In The MENA Region

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Enlight Energy and NewMed Energy (previously known as Delek Drilling) are two Israeli energy companies that announced a joint plan to develop, bankroll and build as well as manage renewable energy projects in the Middle East and North Africa region.

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According to the companies, their partnership will push into renewable energy markets in Morocco, Bahrain, and the United Arab Emirates, which are signatories of the US-brokered Abraham Accords. Oman and Saudi Arabia, both oil giants, also signed the agreement. Israel and Oman maintain close covert relations. The list also included Jordan and Egypt, which are neighbours to Israel and have longstanding natural gas export and peace agreements. Israel and Cairo signed a new agreement in June to export natural gas via Egypt to the bloc through the European Union.

Enlight and NewMed stated that they will be working on projects related to energy storage, solar energy, and wind energy in these countries, as well as exploring new opportunities in the region.

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Enlight is a specialist in financing and developing renewable energy projects. Current projects include solar and wind farms that produce green energy around the world. The Tel Aviv Stock Exchange listed the company in 2008.

Delek Drilling was one of the partners in the discovery and development of the Israeli natural gas fields of Tanin, Tamar, Karish and Leviathan off the Mediterranean coast. In 2015, Delek was required by the Israeli government to sell its Tamar, Karish and Tanin holdings to end its monopoly along with that of its partners under a controversial natural-gas framework agreement.

Many countries are looking to increase their energy production from renewable sources in the face of an increasing climate crisis. This is causing the planet to heat up at an unprecedented rate.

Israel’s latest goal is to produce 40% of its electricity from renewable sources by 2030, mainly solar energy.

Delek Drilling was rebranded as NewMed Energy in February. This announcement outlined the expansion of Leviathan and the move to explore new markets and enter the fields of alternative energy, such as hydrogen, carbon capture, and renewable energy. NewMed stated at that time it was in advanced discussions with Morocco to obtain exploration licenses for the North African kingdom.

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Abu stated that he was thrilled about Enlight’s new deal and added, “Just like we brought the gas revolution in the countries of the region,” he would strive to bring the renewable energy revolution.

The CEO of NewMed Energy is a signatory to the agreement as a third party. The company stated that his inclusion was due to the “recognition of his unique experience in the region and the vast network of relationships he has built over the years as CEO of NewMed Energy.”

Enlight will control 70% of the partnership during the construction and operation phases. Abu will own 30%.

Gilad Yavetz, CEO of Enlight, stated that regional events have resulted in “an unprecedented opportunity” which began with natural gas but will continue to the renewable energy sector.

Yavetz stated in a company statement that “our partnership has the unique potential to deliver large-scale renewable energy operations across the region.”

They stated that the companies will use local partners to help them advance and execute any project.

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