Airengy Tech Ltd. to Acquire Six Solar Projects In Poland Worth €23.7 Million, Marking Its First Move Into Income-Generating Energy Assets

Airengy Tech Ltd. has announced that it has entered into binding agreements to acquire a portfolio of six solar projects in Poland with a combined capacity of approximately 34 megawatts. This transaction marks an important stage in the company’s growth, as it represents Airengy’s first move into owning and operating electricity-generating assets that produce stable, revenue-based income. The portfolio consists of projects at different levels of readiness: some already in commercial operation and generating revenue, while others are in advanced stages of construction and development.

Under the structure of the transaction, Airengy will acquire each of the six projects only once it reaches commercial operation and begins generating income. This approach ensures that all acquired assets will produce cash flow from the first day Airengy assumes ownership. The total value of the transaction is estimated at €23.7 million, which reflects an average cost of roughly €690,000 per installed megawatt. Completion will occur in three phases through 2027, consistent with the projects’ grid-connection schedules and dates of commercial operation.

The portfolio benefits from 15-year Contracts for Difference (CfD), securing inflation-linked revenues for approximately 62 percent of electricity output, while the remaining production is expected to be sold on the open market. Based on professional assessments, combined revenues in the first full year of operation are projected to reach €3–3.5 million, with annual EBITDA estimated at €2.3–2.7 million.

Over the lifetime of the projects, total revenues are expected to reach €97–120 million and EBITDA €75–84 million. Alongside the signing of the acquisition agreements, Airengy executed a supplementary financing agreement with an Israeli non-bank financing institution for approximately €9.3 million. This funding will support the acquisition of the first phase of the portfolio and help advance the projects until senior, long-term financing is secured.

As part of its strategy to improve asset performance, the company plans to integrate battery energy storage systems in a co-located configuration alongside the solar installations. Adding storage capacity is expected to allow the company to shift electricity sales to hours with higher market prices, thereby enhancing revenue stability and improving long-term profitability.

This acquisition marks the initial stage of a broader platform of renewable energy and storage assets that Airengy is developing in Europe. The company aims to expand its presence in the Polish market—a market in which its management has long-standing operational experience—and is considering additional opportunities in photovoltaic projects, storage assets, and wind developments, mainly in the ready-to-build or late-stage development phases.

In parallel, Airengy is in discussions with institutional investors in Israel to explore potential participation in financing aspects of the projects. This would form part of a joint investment platform focused on renewable energy and storage projects across Europe. This new activity complements the company’s core operations in long-duration energy storage based on Compressed Air Power Plant (CAPP) technology. Through this technology, the company is moving forward with plans to build long-duration storage power stations using compressed air as a sustainable storage solution.

Maj. Gen. (Res.) Yiftah Ron-Tal, Chairman of the Company, stated that the signing of the acquisition agreements represents an important step in implementing Airengy’s strategy to build a substantial renewable energy and storage portfolio in Europe. He emphasized that this is the company’s first transaction involving ownership and operation of revenue-generating energy assets and its first venture into projects integrating battery storage systems. He added that this direction aligns with Airengy’s vision to combine renewable electricity production with advanced storage technologies to create long-term value for shareholders.

Tal Raz, CEO of Airengy, noted that this transaction marks the beginning of the company’s involvement in the ownership and operation of income-producing assets in Europe. He described the newly acquired portfolio as the starting point of a wider platform the company is building in Poland, a market where Airengy has considerable experience and strong access to high-quality investments. He added that integrating battery storage systems will significantly enhance project performance. At the same time, the company is working to broaden its activity across solar, storage, and wind sectors, while also advancing discussions with Israeli institutional investors regarding participation in the developing investment platform.