Enlight signs long-term renewable PPA with Applied Materials Israel

Israeli renewables company Enlight Renewable Energy Ltd (TLV:ENLT) has signed a 15-year corporate power purchase agreement (PPA) with Applied Materials Israel to supply renewable energy to the Israeli operations of US chip maker Applied Materials Inc (NASDAQ:AMAT).

Enlight will provide the electricity from solar and storage facilities it is currently building in Israel, with the PPA including the option to increase volumes based on Applied Material Israel’s demand.

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The deal will help Applied Materials achieve a global commitment to use 100% renewable power by 2030.

Enlight noted that the contract comes ahead of planned deregulation of the Israeli electricity sector in January 2024, which will enable independent producers like itself to sell power directly to end users.

Enlight Renewable Energy chief executive Gilad Yaavetz expects that demand for renewable energy in Israel will continue to grow as other firms join the trend of transitioning to net zero.

Further details of the PPA were not provided.