Israeli companies to launch renewable energy projects in 7 Arab countries

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JERUSALEM, Aug. 15 (Xinhua) -- Two Israeli energy companies on Monday announced cooperation on launching renewable energy projects in seven Arab countries.

The two companies, Enlight Renewable Energy and NewMed Energy, signed two memorandums of understanding to jointly set up, develop, and operate the projects in Egypt, Jordan, Morocco, the United Arab Emirates, Bahrain, Oman and Saudi Arabia.

The projects will focus on areas such as solar and wind power production, energy storage and more, the two companies said in separate disclosures to the Tel Aviv Stock Exchange (TASE).

Enlight Renewable Energy was founded in 2008, headquartered in the central city of Rosh HaAyin and traded on TASE with a market cap of 7.57 billion shekels (2.32 billion U.S. dollars).

It develops, constructs and operates power plants that generate clean energy across the United States, Europe and Israel.

NewMed Energy was founded in 1993, based in the coastal city of Herzliya, and traded at TASE with a market cap of 11.86 billion shekels. It explores, develops and produces natural gas and condensate, mainly in the Eastern Mediterranean. Enditem

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