Teralight, a prominent player in the global solar energy sector, has just announced a pivotal development in its operations within the Canadian market. The company, known for its innovative approach to renewable energy, unveiled a Memorandum of Understanding (MOU) that paves the way for a significant electricity sale worth approximately NIS 800 million.
The agreement pertains to the Dunmore solar project, located in Canada and owned predominantly by Teralight (75%), which is set to span an impressive 15-year duration. Under this strategic move, Teralight anticipates generating substantial revenue, with an estimated NIS 800 million to be earned through the purchase agreement (PPA) covering 70% of the project’s total electricity output. Notably, Teralight will reserve the remaining 30% of electricity production for sale in the open Canadian market, where favorable price levels promise an attractive return on investment.
The Dunmore project, currently in the advanced stages of construction and scheduled for commercial operation in the second quarter of 2025, is situated in Alberta, Canada, boasting a planned capacity of around 172.8 megawatts (AC). According to the terms outlined in the MOU, Teralight will supply approximately 120.98 MW AC, representing roughly 70% of the project’s total electricity production, to a prominent Canadian energy infrastructure giant.
Rani Lifshitz, Teralight’s CEO, expressed enthusiasm about the strategic move. “Teralight continues to develop its activities in all sectors, and in this context, we are updating today on a significant memorandum of understanding for the sale of electricity from the Dunmore project that we own in Canada to an energy infrastructure giant,” he said.
“The Dunmore project, which is expected to begin commercial operation during the second quarter of 2025, is a very attractive project that constitutes another growth engine for Teralight, alongside the very significant activity in Israel – which includes several huge projects that are under construction or nearing construction,” Lifshitz added.“Teralight continues to develop its activities in all sectors, and in this context, we are updating today on a significant memorandum of understanding for the sale of electricity from the Dunmore project that we own in Canada to an energy infrastructure giant.”
Teralight CEO, Rani Lifshitz
Teralight continues making major moves in the market
Earlier this month, Teralight unveiled another major agreement involving the sale of electricity to Dalia Energy, an electricity supplier, with a cumulative estimated value ranging from NIS 2.2 billion to NIS 2.3 billion, spanning an impressive 23-year period. This agreement stipulates that Teralight will supply all electricity generated by the Ta’anakh 2 project in Northern Israel, expected to begin commercial operations in the first half of 2025.
Teralight is actively engaged in the development and implementation of solar energy projects, both domestically in Israel and on a global scale. Notably, the company has formed an exclusive partnership with the Moshavim movement, which encompasses 254 Moshavim communities across Israel. Additionally, Teralight has made strategic investments in several technology companies specializing in green energy and energy optimization. The company’s project portfolio comprises a diverse range of solar initiatives currently in various stages of development, collectively representing a significant capacity of over 1.5 gigawatts and 2.4-gigawatt hours of energy storage.
