Enlight Renewable Energy, a leading renewable energy platform, has announced the start of commercial operations at Genesis Wind, the largest renewable energy project in Israel. Genesis Wind was connected to Israel’s electricity grid in June 2023, and as of October 13 began selling electricity. Initially, 34 of the project’s 39 turbines have reached commercial operations, comprising a generation capacity of 180 MW. The remaining five turbines are expected to be operational after the completion of final tests, raising capacity to 207 MW.
Genesis Wind was built with a total investment of approx. US $340 million(1) and is expected to generate estimated revenues of approx. US $49-51 million and estimated EBITDA of approx. US $39-41 million in the first full year of operation. Genesis Wind is expected to provide clean electricity equivalent to the annual consumption of approx. 70,000 households and avert an estimated 180,000 tons of CO2 emissions annually.
As part of the project, a new 27 kilometer underground high-voltage transmission cable was built connecting the Golan Heights to Israel’s national grid. This in turn will enable the development of additional renewable energy projects in the region. The high voltage line represents another implementation of Enlight's “Land and Expand” strategy, which seeks to maximize the number of projects connected to a given area’s key transmission infrastructure.
Gilad Yaavetz, CEO of Enlight: 'Despite the tragic events in Israel during the past week, the company is continuing to operate normally. After years of hard work, the vision has now become a reality, as the largest renewable energy project in Israel commences commercial operation. We see Genesis Wind as a major step in the Golan Heights, amongst the additional projects that we plan to develop in the region.'
(1) Based on the Company’s 2Q23 financial results release.
Source Enlight Renewable Energy
