Zorlu Enerji sells €70 million worth of shares in Israel

Energy Diary – Zorlu Energy is divesting its entire 25% stake in Dorad Energy in Israel. The sale of 10% has been completed, and the process for the remaining 15% is ongoing.

Zorlu Enerji has completed a new phase of the sale of its 25% stake in Dorad Energy Ltd., in which it holds a direct stake in Israel. According to a statement, the shares, representing 10% of Dorad's capital and not subject to pre-emption rights, were transferred to the Phoenix Group for 282,941,776 New Israeli Shekels (NIS). The final sale price will be finalized after tax adjustments are made.

Existing shareholders Ellomay Luzon Energy Infrastructures Ltd. and Edelcom Ltd. have decided to exercise their pre-emption rights to acquire the remaining 15% of Dorad shares equally. The necessary permitting and approval processes for this sale are ongoing.

In a statement, Zorlu Energy stated that the sale is expected to have a positive impact on the company's operations and that developments will be shared with the public in a transparent manner.