Not many people associate the United Kingdom with "sun," but Israeli renewable energy company Teralight intends to enter the UK solar market as part of its strategy for overseas expansion, the company announced last week.
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Teralight plans to invest in solar power projects in the UK at various stages of development. During the first phase, the company conducts due diligence on a portfolio of projects with a scope of 180 megawatts.
Teralight will seek collaborations with two local entities operating in the UK, which have significant experience in the field. They will partner with Teralight to invest some of the required capital and co-manage the operations.
Teralight already has 258 megawatts of overseas activity in the Dunmore solar project in Alberta, Canada.
Rani Lifshitz, CEO of Teralight, said, "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."
According to Lifshitz, his company sees "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."
Meanwhile, Teralight also reported that it has signed an agreement with BLEnergy of the Blilious Group for exclusive cooperation on developing, financing, constructing, and maintaining independent high-voltage and high-voltage electricity storage projects in Israel and Europe.
Tal Mund, CEO of BLEnergy of the Blilious Group, said, "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. Energy storage systems that will be connected to the high-voltage and 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."
Teralight recently announced the receipt of a license for electricity supply from the Israel Electric Corporation. The license will allow Teralight to communicate directly with businesses, homes and other consumers.
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