Israeli solar developer Teralight has signed a contract to sell the full production capacity of its Ta'anach 2 project for ILS 2.2 billion (USD 578 million) to ILS 2.3 billion, it said in a recent statement to the Tel Aviv Stock Exchange. It will sell the electricity to Dalia Power Energies over a 23-year period, for use by Israeli households.

The Ta'anach 2 project is a solar-plus-storage project with a combined capacity of 108 MW/433 MWh. It is part of the wider Ta'anach project. The Ta'anach 2 project is expected to start operations in the first half of 2025.

Teralight said it will sell the energy to Dalia Power Energies under a tariff linked to the regulated production tariffs set by the country’s Electricity Authority. The contract between the two companies has also stipulated undisclosed minimum and maximum tariffs, above which they will share excess profits. Based on current tariffs, the companies have supplied the overall ILS 2.2 billion to ILS 2.3 billion.

The Ta’anach project is located in the Jezreel Valley, northern Israel. Its capacity of 250 MW is said to be 5.2% of Israel’s clean energy capacity and 1.2% of the country’s total production capacity. According to Teralight, the project will serve 63,000 Israeli households.