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Shikun & Binui Energy Finishes Construction and Closes on Debt and Tax Equity Financing

Company built Brazoria West Solar Project in Texas, its largest solar plant to date.

Read the press release below.

Palm Beach Gardens, FL – December 15, 2022: Shikun & Binui Energy has completed the construction of the 260 megawatts (MWdc) (200 MWac) Brazoria West Solar Project, acquired from Savion in 2021.

“The completion of Brazoria West is a significant milestone for the group and paves the path to our goal of becoming an integrated IPP in the US” stated Didi Paz, CEO of Shikun & Binui Energy.

The construction at Brazoria West Solar Project, located in Brazoria County, 40 miles southwest of Houston, Texas, commenced in Q2 2021 with the Commercial Operation Date (COD) achieved in November, 2022. The project’s total output capacity allows to power approximately 37,100 homes.

“Brazoria West is the largest solar project ever built by our group. It demonstrates our ambition to be a key player in the transition to a carbon free future” said Kevin Yaich, President of S&B US Energy. “I would like to thank all our partners, lenders, contractors and transaction teams for their excellent work, trust and cooperation. I am extremely proud of the Shikun & Binui Energy’s efforts and resilience to complete the project in a 2021/22 challenging environment for the US solar industry.”

“The successful completion of Brazoria West is a testament to Shikun & Binui Energy’s ability to effectively manage complex transactions and pave the path on becoming a global IPP. We look forward to executing more opportunities and continuing to grow our renewable portfolio in the US” stated Jeremie Debomy, EVP of S&B USA Energy.

This is the fourth renewable asset investment Shikun & Binui Energy has made in the US, following the investments in Beacon II and Beacon V PV projects in 2020 and in the Saticoy Battery Storage Project in 2021, both located in California.

Brazoria West Solar Project will supply power to the Houston area and has secured one commercial and industrial Power Purchase Agreement (PPA) and another PPA with an energy trading company. A portion of the environmental attributes of the facility are being sold to these two offtakers as part of the PPAs.

CIT Group’s Power and Energy business led the debt financing. Macquarie and RBC have arranged the tax equity financing for the project.

About Shikun & Binui Energy
Shikun & Binui Energy Ltd. (S&B Energy) is an experienced Developer, Owner and Operator of energy assets, both conventional and renewable, headquartered in Israel and active globally. S&B Energy is publicly traded on the Tel Aviv Stock Exchange (SBEN) In 2020, S&B Energy launched its U.S. energy activity through its subsidiary, S&B USA Energy Inc. (branded as S&B USA Energy). For further information, visit www.shikunusa.com/Energy.

For inquiries, contact:
Katie Spear | S&B USA Energy Mobile: 412-779-0635 KSpear@shikunusa.com