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.
The company 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.
“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” said Rani Lifshitz, CEO of Teralight.
The company sees great business potential in the UK and intends to work intensively to create significant activity in the country 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” Mr Lifshitz added.
Elsewhere, Teralight has also signed an agreement with BLEnergy, a subsidiary 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.
“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” said Tal Mund, CEO of BLEnergy. “Energy storage systems that will be connected to the high-voltage and high-voltage grid in Israel will contribute to the stabilisation 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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