Renewable energy company Doral reports today that the company’s board of directors approved over the weekend the expansion of photovoltaic activity, so that the company will promote projects that combine electricity generation with solar systems over agricultural crops such as orchards and vineyards, in addition to a variety of other facilities.
The Company’s Board of Directors has authorized the Company’s management to complete the examination of the expansion of operations and, among other things, to examine collaborations with the relevant parties to these agri-volatile projects. In the Company’s opinion, there is a clear advantage in the dual-purpose and efficient use of land, which will lead to an increase in revenues arising from both the production of electricity in solar systems and from agricultural crops.
The company has completed the construction of an agri-volt demonstration facility in the north of the country and has begun signing principle cooperation agreements, amounting to approximately 15 megawatts each, with agricultural entities throughout the country, including framework agreements with a large agricultural corporation and a number of kibbutzim.
In addition, a sub-corporation of the company, received the approval of the Office of the Chief Scientist in the Ministry of Energy and the Electricity Authority for the construction of another experimental agri-volatile “pioneer facility”, with a capacity of up to 10 megawatts with tariff approval.
In the company’s opinion, the chances of farmers joining the project are high, and the expansion of activity in the agricultural field may generate a growth engine for the company’s revenue portfolio from solar electricity production, alongside the company’s income – direct or indirect – resulting from dual use of land or orchards.
At the same time, the company began to examine entrepreneurial collaborations abroad as well, and is in contact with large agricultural entities in other target countries. Doral estimates that the amount of investment required to expand photovoltaic activity over agricultural crops is not material to the company.
Yaki Neumann, CEO of the Doral Group: “We see the project as an opportunity to expand our activities and believe that the unique development, the first of its kind in Israel, will lead to optimal utilization of land resources, in a reality where land available for solar facilities is dwindling.” An advanced orchard and an economic safety net. “