Solar energy has long been hailed as an ideal form of clean energy production, though less than 8% of Israel’s energy came from solar infrastructure last year.
However, Israeli innovators are working to broaden that infrastructure throughout the country and abroad. Israel-based renewable energy company Teralight has announced its intention to enter the UK solar market as part of its strategy to expand operations overseas.
The company plans to invest in solar power projects in the UK at various stages of development, In order to make the new investment, Teralight will seek collaboration with two experienced local entities operating in the UK, which will invest some of the required capital and jointly manage the operations.
While this isn’t the company’s first foray overseas – Teralight already has 258 megawatts of activity in the Dunmore solar project in Alberta, Canada – it is a first step into the European market.
“Britain has one of the largest electricity markets in Europe, and the country has adopted legislation to completely eliminate greenhouse gas emissions by 2050, along with a plan to use renewable energy sources and implement green technology in industry and transport,” said Rani Lifshitz, CEO of Teralight.
“Accordingly, we see great business potential and intend to work intensively to create significant activity in the UK in the coming years. Further, our entry into the field of energy storage is an important milestone in our transformation into a full-fledged electricity supply company for businesses, homes, and other consumers.”
Teralight has entered the energy storage field, in an agreement with BLEnergy of the Blilious Group for exclusive cooperation for the development, financing, construction and maintenance of high-voltage electricity storage projects in Israel and Europe.
“One of the significant challenges for the electricity economies in Israel and around the world is the dramatic transition to clean energy from renewable sources, management of flexible electricity networks and distributed energy management,” said Tal Mund, CEO of BLEnergy of the Blilious Group.
“Energy storage systems that will be connected to the high-voltage grid in Israel will contribute to the stabilization of the electricity grid, increase the penetration of renewable and distributed energy, reduce or postpone investments in grid infrastructure and contribute to a more developed and modern electricity market,” Mund added. “We are proud to continue the trend of integrating storage in Israel and to be a significant player in this market together with Teralight, one of the leading companies in Israel in the field of renewable energy.”