Solaer Israel planning offering in Tel Aviv - report

Solaer Israel, a unit of Spanish renewable energy group Solaer, is considering launching an offering on the Tel Aviv Stock Exchange (TASE), the Globes reports, citing unnamed sources.

The placement, which is to raise “tens of millions of shekels”, is scheduled for the first quarter of next year, but it is still not clear whether it will involve shares, bonds or both. The raised funds will be used for the company’s current projects or future investments, according to the report.

The offering will be led by Value Base.

Solaer Israel is focused on the development, construction and operation of renewable and conventional power plants. Its biggest project is the 37.5-MW Ramat Hovav solar scheme, now owned by Israeli Energix Co, a subsidiary of real estate investment manager Alony-Hetz Properties & Investments Ltd (TLV:ALHE).

Solaer Israel and Energix recently also won 40 MW of solar capacity in a tender by Israel’s Public Utilities Authority, according to the Globes report. The partners have to build the facilities within two years.

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