Powergen, the energy arm of Generation Capital (TASE: GNRS), is thrilled to announce a successful funding round of $55,000,000 that marks a new chapter in its journey to revolutionize the energy industry. As a leading energy platform with a diverse technological portfolio spanning conventional power, solar, energy storage, and innovative energy solutions for end customers, Powergen is set to accelerate its integrated operational strategy throughout the entire energy value chain. This new capital will be strategically deployed to enhance its conventional generation operations, which currently comprise five power plants delivering an impressive capacity of approximately 1GW – with an additional 230 MW already under construction and a further 1.3GW in development.
The funding announcement comes as Powergen continues to pioneer advancements in Battery Energy Storage Systems (BESS), cutting-edge solar farms, and flexible gas-fired microgeneration engines. In the renewable energy sector, the company’s strong presence is underscored by 120 MW of operational solar PV projects, a further 213.6 MW nearing completion, and a burgeoning pipeline of approximately 674 MW, complemented by 5,495 MWh of storage capacity at early stages. Additionally, Powergen’s dominance in the supply and trading arena—serving both B2B and B2C segments—is further enhanced by its robust IPP facilities and its landmark collaboration with Israel's leading telecommunications company, Bezeq (TASE: BEZQ).
This significant funding will not only boost Powergen’s existing generation and renewable assets but will also provide a substantial foundation for future innovations and expansion, paving the way for more resilient, efficient, and sustainable energy solutions in a rapidly evolving market.
