Aspen sells 49% of solar power business to Noy Fund

Israel-based real estate company Aspen Group Ltd (TLV:ASGR) has agreed to sell a 49% interest in Aspen Solar Ltd to Noy Infrastructure and Energy Investment Fund 2 for ILS 55 million (USD 15.4m/ EUR 13.1m).

In a recent filing to the Tel-Aviv stock exchange, Aspen said the deal should close by the end of the year and it had an option to sell the remaining 51% to Noy 2 within two years of the date on which the first stage of the deal is completed.

Aspen Solar owns a portfolio of 14 MWp in small photovoltaic (PV) systems in Israel, most within 50 kW in capacity each. Through a Dutch subsidiary, Aspen's solar arm also owns a 1 MW solar power park in southern Italy.

Aspen noted that the sale "had been made according to the company's business strategy and goals for the coming year of selling all or part of its holdings in environmentally friendly energy in Israel, and focusing on income-producing real estate."

The plans for exiting the solar business were announced last year.

Aspen reported ILS 35 million in revenue from solar energy for the financial 2015/2016, representing about 17% of its overall revenue for the period. The solar business' operating profit came in at ILS 12 million.

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