NTA, a government-owned company building the light rail and metro in the Tel Aviv metropolitan region, will operate the mass transit network using clean energy supplied by Enlight
The agreement significantly reduces NTA’s electricity costs
TEL AVIV, Israel, Feb. 26, 2025 (GLOBE NEWSWIRE) -- Enlight Renewable Energy (“Enlight”, "the Company”, NASDAQ: ENLT, TASE: ENLT.TA), a leading renewable energy platform, announced today that NTA Metropolitan Mass Transit System Ltd. (“NTA”) has signed a 5-year PPA with an aggregate value of $22m, and also includes an option to significantly increase purchase volumes through the life of the contract.
The agreement was signed within the framework of Israel’s deregulated electricity market, which allows independent power producers to enter into direct sales agreements with consumers. The agreement follows others reached by Enlight in recent months, with NTA joining Big Shopping Centers, SodaStream, Applied Materials, Amdocs, and other noteworthy companies in purchasing green electricity from Enlight. Serving as examples of environmental responsibility, these firms’ decision to switch to clean energy consumption will positively impact Israel’s economy. In January 2025, the Weizmann Institute of Science, based in Rehovot, signed an agreement with Enlight to supply all of the Institute's electricity needs for the next 12 years.
The agreement with Enlight will help NTA, which is building the light rail and metro networks in the Tel Aviv metropolitan region, to reduce its electricity costs significantly. It will also reduce annual carbon emissions equivalent to the planting of approximately 380,000 new trees per year or removing about 9,000 private fuel-powered vehicles from the road annually.
Itamar Ben Meir, CEO of NTA, commented, “We welcome this important agreement with Enlight. The mass transit system being built by NTA is good news for the congested Tel Aviv region, and is similar to advanced countries around the world in its use of renewable energy. Green power dramatically cuts air pollution as well as representing a significant cost savings. Each light rail train removes more than 100 private cars from the road, reducing traffic congestion and wasted time, while increasing comfort and safety.”
Gilad Peled, CEO of Enlight MENA, commented, “Enlight congratulates NTA on its transition to clean and environmentally friendly energy. The deal with Enlight will allow NTA to save millions of Shekels of public funds on its electricity bill, while simultaneously serving as an environmental leader. The agreement drives Enlight MENA’s growth further after doubling our revenues in Israel last year to over $150m. This agreement further reinforces the fact that today, clean energy is also the cheapest form of energy. Moreover, clean energy’s rising share of the deregulated power market leads to greater competition and lower electricity prices for all Israeli consumers.”
About NTA
NTA is a government-owned company building metropolitan Tel Aviv’s mass transit network as part of the largest infrastructure project ever initiated in Israel. The network comprises three light rail lines, including the Red Line, which already transports millions of passengers every month, and the Green and Purple Lines, which are expected to begin commercial operation in the coming years. The light rail network will be joined by three metro lines that will connect into the Tel Aviv region from Rehovot in the south and Kfar Saba in the north. With an annual expected ridership of 850 million passengers and 2 million trips per day, the project’s total cost is estimated at approximately ILS 200bn.
About Enlight Renewable Energy
Founded in 2008, Enlight develops, finances, constructs, owns, and operates utility-scale renewable energy projects. Enlight operates across the three largest renewable segments today: solar, wind and energy storage. A global platform, Enlight operates in the United States, Israel and 10 European countries. Enlight has been traded on the Tel Aviv Stock Exchange since 2010 (TASE: ENLT) and completed its U.S. IPO (Nasdaq: ENLT) in 2023. Learn more at www.enlightenergy.co.il.
Contacts:
Yonah Weisz Director IR investors@enlightenergy.co.il
Erica Mannion or Mike Funari Sapphire Investor Relations, LLC +1 617 542 6180 investors@enlightenergy.co.il
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