Against the backdrop of the emerging Luzon and Mor deal: Dorad will distribute a dividend of 250 million shekels

The board of directors of Dorad approved today unanimously the distribution of a dividend of 250 million shekels to shareholders, as learned by Calcalist. The power station has distributable reserves of nearly one billion shekels, and it distributed its previous dividend from profits in December 2025.

Luzon, controlled by Amos Luzon, will receive 85 million shekels of the amount, as before the deal with Mor, Luzon Energy holds 33.75% of Dorad's shares. This morning, the Luzon Group announced an agreement to sell 20% of its shares in the power station, concentrated in the subsidiary Luzon Energy, based on a valuation of 4.4 billion shekels for the power station.

The shares will be sold to the investment house Mor through its provident and pension fund company. Mor is expected to acquire 6.75% of Dorad's shares for 223 million shekels. At this stage, a memorandum of understanding has been signed, and negotiations for a binding agreement are expected to follow. Mor will also conduct due diligence on the station, but the deal will most likely be completed.

At the same time, Harel and Clal Insurance may also join in purchasing another part of Luzon's holdings, but they are willing to execute the deal only after the financial closing of the Dorad 2 station is completed. The financial closing is delayed due to the fact that the Electricity Authority has not yet approved the construction of the station. The reason is that Edeltech, which holds 18.75% of Dorad 1 shares, is expected to exceed the 20% threshold of electricity production in Israel with the construction of the additional station.

About half a year ago, Luzon purchased Ellomay's stake in Dorad, 18.75% of the station's shares, for 740 million shekels. The purchase was carried out as part of a bidding process against Ofer Yanai, who holds control of Ellomay through Nofar. To finance the purchase, Luzon raised commercial securities from Clal and Mor. The securities bear interest and are due to be repaid within a year, so the delay in receiving approvals for the construction of Dorad 2 extends the period during which Luzon is required to bear the financing costs. Dorad estimates that the approvals will be received by the end of the year, and that the financial closing will also be completed by then.