Teralight inks $200m PPA for Canadian solar project
Pamela Largue
Posted on: 22 September 2023
Israeli solar developer Teralight has signed a PPA to sell electricity from the Dunmore solar project in Canada.
Israeli solar developer Teralight has signed a power purchase agreement (PPA) to sell electricity amounting to approximately NIS 800 million ($209 million) from the Dunmore solar project in Canada.
It is estimated that around 70% of the total electricity generated by the Dunmore solar project (equivalent to about 120.98MW) will be sold under this PPA to a Canadian energy infrastructure company.
The remaining 30% of electricity production will be retained by Teralight for sale in the open market within Canada, where it expects to secure higher returns.
Teralight owns 75% of the Dunmore project, which is presently in the final stages of construction and anticipated to be commercially operational in the second quarter of 2025. Greencells Group, based in Germany, holds the remaining 25% stake.
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Situated in Alberta, Canada, the solar project is designed to operate at a capacity of approximately 172.8MW (AC). Bi-facial modules will be on a fixed-tilt racking system, with panels ranging in height between approximately 1 meter to 2.5 meters above ground level.
According to Rani Lifshitz, CEO of Teralight: "Dunmore project...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. In this context, we only recently reported on the agreement for the sale of electricity from the Ta'anakh 2 project with a financial scope of over NIS 2 billion".
This announcement follows Teralight's recent electricity sale deal with electricity supplier Dalia Energy. The 23-year agreement has an estimated value of NIS 2.3-2.2 billion. Under this agreement, Teralight will be selling all the electricity generated by the Ta'anakh 2 project in North Israel, which is scheduled to begin commercial operations in the first half of 2025.
