BIG Shopping Centers Won an International Tender for the Construction of a Combined Wind and Solar Project in Bosnia and Herzegovina
Additionally, the company is pleased to announce that the Hungarian subsidiary, through a Romanian company it holds, has entered into a long-term lease agreement (35 years with an option for an additional term of 25 years) of property with the aim to construct solar project with a development and construction cost of EUR 26 million. The company estimates that gross revenues from sales of electricity will reach approximately EUR 3.5 million in the first year of operation, after balancing payments to the electricity grid (based on a sales price of EUR 60 per MW/h). Total EBITDA from the project is estimated at approximately EUR 3 million annually.
The project will include a solar farm on land in the Rosiori-Troianul District in Romania with an estimated installed capacity of 40 MW. CEO of the company’s European operations, Mr. Yossi Edelstein, stated that over the past year the company has acquired projects amounting to 500 MW at a total investment of EUR 520 million, and is handling a total project pipeline of 1,400 MW, reflecting the company`s strategy to become a leading and dominant renewable energy player in the Eastern Europe and the Balkans. The projects are in various stages of advanced development, and construction of some of the projects is anticipated to begin in 2023.
The transactions described in this report reflects the company’s strategy of investing in green energy ventures. The company`s management and its professional team plan to identify additional investment opportunities in the sector in Eastern Europe and the Balkans if they meet the company`s investment criteria. As an integral part of project development, we conduct environmental surveys by the highest international standards, while taking all the relevant factors into consideration and communicating with the local population that lives in the area surrounding the projects we are developing. Environmental protection is at the heart of the company`s operations, which promote green energy activity in the target countries as part of a well-defined environmental policy that is a core component of the company`s DNA. The above-stated information regarding the projects, including the project data, the signing of the license agreement, probability of closing financing, timetables, costs, revenues and total revenues, is all forward-looking information, as defined in the Securities Law, 1968 and solely an estimate based on the information, estimates and data company management has in its possession on the date of the report. BIG was established in 1994 by Yehuda Naftali, BIG Shopping Centers Ltd. It is a leading real estate group in Israel, focusing on developing, operating, and investing in open-air shopping and lifestyle centers, logistics, offices, and residential and renewable energy. BIG is a public company listed on the Tel-Aviv Stock Exchange since 2006, with a market cap of circa EUR 3.1 billion as of December 31, 2021. It is included in the prestigious TA-35 index (the index of the 35 prominent companies listed on the stock exchange in Israel. BIG is the controlling shareholder (circa 85%) of AFI Properties Ltd. Since JAN 2021, AFI Properties Ltd. has been a leading entrepreneurial company of high magnitude yielding real estate assets, mainly focusing on offices and residential sectors. Today, the company operates in five countries: Israel, Serbia, Romania, Poland, and the Czech Republic. AFI Properties is a public company listed on the Tel-Aviv Stock Exchange since 2004, with a market cap of circa EUR 2.1 billion, as of December 31, 2021.
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