Two Israeli energy companies announced on Monday future bilateral cooperation to launch renewable energy projects in seven countries, including Morocco.
According to US news outlet Bloomberg, Enlight Renewable and NewMed Energy plan to form a joint venture to set up, develop and operate projects in Morocco, Egypt, Jordan, the United Arab Emirates, Bahrain, Oman, and Saudi Arabia.
“For many years, for many of these countries, oil was the key to success, a strong economy, and a future,.. but now they see that may not be the future and look at Israel, which has been very strong without natural resources for most of its existence,” said Yonatan Freeman, an expert in international relations at the UC Berkeley Hebrew University in Jerusalem.
“The company will tap into what we see as a very large opportunity in the region that started with natural gas, a development led in large part by NewMed,” said Gilad Yavetz, CEO of Enlight Renewable.
“Together, we can be very competitive with the biggest players in this space in the world,” he added, noting that “MENA countries see the importance of renewable energy.”
Both companies intend to use local partners to help with the projects in person in the aforementioned countries, however, NewMed has yet to bring the agreement to its shareholders, unlike Enlight.
The focus will be on solar and wind power generation, as well as energy storage, among other mechanisms within the green and blue energy sectors.
While Enlight Renewable, founded in 2008, develops, builds, and operates power plants for clean energy production, NewMed Energy, formerly known as Delek Drilling, focuses on the exploration, development, and production of natural gas and condensate, mainly in the Eastern Mediterranean.
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