A large insurance company from Israel invests about $30 milliom in solar energy company Sunday. Image via mcohenchromiste.
The sun makes us old and wrinkly, but in Israel getting some “sun” through your pension plan can make you green. Without the possibility of buying green bonds, many Israelis wonder how they can invest in solar energy (it’s a question I’ve asked to people in the government), and now by subscribing to Migdal, a major insurance broker and holding company, some of your pension plan will be diverted to making good energy: Migdal just invested $30 million in Sunday Energy.
According to a Globes report this week, Migdal invested NIS 100 (about $30 million) in Sunday Solar, an Israeli photovoltaic company which aims to be a solar power plant producer, much along the lines of BrightSource and Solel.
Focusing more on the implementation of solar power than revolutionizing the industry, Sunday Energy has been busy over the last couple of years signing contracts with cities, companies and even boutique wineries.
Terms of the new deal will mean that Migdal will own 10% of Sunday Energy, with an option for 10% more. Migdal is traded on the Tel Aviv Stock Exchange under (TASE: MGDL), so even if you don’t live in Israel, you can still invest in the company.
In talks since 2009, Sunday’s CEO Kobi Dinar (who I’ve interviewed in the past said, “Migdal’s entry as a partner in Sunday is a strategic milestone toward implementing Sunday’s vision of turning Israel into a global center of excellence in solar energy. I believe that Migdal’s entry is an important step, not just for Sunday, but for the Israeli solar energy industry.”
Sunday has been in the solar business since 2007and aims for creating solar power plants globally, according to Dinar.
More on Sunday and the Israeli solar market:
Sunday Builds Large Plant on Damaged Desert Land
The U.N. Asks Israel to Use More Solar Power
Sunday Energy Helping to Produce Israel’s First Solar Powered Wine
Ormat and Sunday Solar Power Up in $195 Million Deal