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Frost & Sullivan Publishes Annual Update on Energix Renewable Energies.

2018-05-16 22:31
-Entering the US market is a significant long-term growth opportunity; major project and regulatory milestones in Poland and Israel increase installed capacity;
-New in-house O&M and project management capabilities improve financial and operational efficiency; target price raised to NIS 4.05.

Equity Research is published in the framework of the Tel Aviv Stock Exchange (TASE) Analysis Program 

TEL AVIV, Israel, May 16, 2018 /PRNewswire/ -- The TASE analysis project was launched in 2016 in order to raise investors' awareness to TASE listed technology and life-science companies and the markets in which these companies operate, thus creating appropriate pricing and increasing the exposure of investors from Israel and abroad. Its goal is to encourage investments in these companies by improving understanding of these industries and companies in the market.

In order to maintain professional, independent and unbiased analysis, the companies signed an agreement with the TASE to receive the analysis services for an obligatory period of two years. The companies cannot withdraw from the project during this period. The analysis is funded by the companies surveyed with funding from the Chief Scientist and the TASE.

Summary of Highlights

Energix released its annual report on 12 March, 2018 detailing the following:

The company operates in a highly regulated market, with growth dependent upon political sentiment towards renewables, the availability of financing and interest rates.

  • Israel: In December 2017, the Company won a tender to supply 52MW at a fixed tariff of ILA 19.78 per Kw to the national grid from Solar PV projects established in Israel by Energix (70% ownership) and its partner (30% ownership).
    • The tender awarded was the Company's second for 2017, after securing a PV project generating 90MW in March 2017 (100% ownership).
    • Ministerial approval of the Aran project (~152MW) continues local regulatory confidence in the Company.
    • Approval of several permits in 2017 sets the Company on track for financial closing in 2018 and for meeting construction and operation milestones as planned
  • Poland: After decreasing 60% between 2015 and 2017, 'Green Certificate' prices have risen nearly 30% since mid-2017.
    • The government announced that it intends to publish tariff tenders for the construction of new facilities for the production of electricity from wind energy and photovoltaic energy at a capacity of about 1,000MW. It is estimated that these tenders will be published during the second half of 2018.
  • The US: In 2017, Energix entered the US market, announcing a JV with a local firm in projects totaling hundreds of MW with the Company's share in these projects ranging from 51% to 60%.

We increase Energix's equity value to $425.2M / NIS 1,526.49M corresponding to a target price ranging between NIS 3.85 a NIS 4.29; a mean of NIS 4.05.

About the Company - Energix Renewable Energies Ltd. (hereinafter "Energix" or "the Company") is a renewable energy company, currently active in the field of Solar Photovoltaic (PV) and Wind Energies. As one of the largest Israeli Independent Power Producers (IPPs), the company initiates, develops, constructs and owns long-term renewable energy projects. Once it has secured production rights through government tenders, Energix sells the generated electricity to utility companies who distribute electricity to end users. Energix shares have traded on the Tel Aviv Stock Exchange since 2011.

Read the full report here.

About Frost & Sullivan

Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants. For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Contact us:  Start the discussion


Kristi Cekani 
Corporate Communications - Frost & Sullivan, Europe
P: +39.02.4851.6133

Source: Frost & Sullivan
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