Expanding Beyond Israel and Poland: Sunflower Enters the Spanish Market

Sunflower is acquiring three solar projects in Spain with a capacity of 137 MW, which will add, in the first stage, 19% to its annual revenues and 17% to its annual EBITDA (operating profit plus depreciation and amortization, net of other income or expenses). The company, managed by Shahar Ben-Moyal and controlled by the Keystone fund, signed the binding agreement for the acquisition of the projects, following a memorandum of understanding it signed in June. Until now, Sunflower operated only in Israel and Poland, and is now expanding outside of them for the first time.

The capacity of its connected facilities, which stood at 94 MW at the end of 2025, is expected to reach 300 MW by the end of 2026, following this move and the addition of other facilities it has acquired and expects to finish constructing. The construction of the three projects in Spain was completed earlier this year and they have already been connected to the grid. Sunflower estimates that the revenues from them in a full year of operation will reach 7.5 million euros, and the EBITDA will reach 5 million euros, which are 26 million shekels and 17 million shekels respectively, according to the current exchange rate. This comes as the company ended 2025 with revenues of 140 million shekels and an EBITDA of 101 million shekels.

Alongside the production facilities already connected to the grid, the acquired projects have the option to add storage capacity of about 500 MWh, the construction cost of which the company estimates at an investment of 65 million euros. According to Sunflower's calculations, their completion will bring the annual revenue volume from the projects – both from electricity production and from the storage portion – to 38 million euros (133 million shekels), and the EBITDA will reach 33.5 million euros (117 million shekels). However, the company is unable to estimate at this stage when and to what extent it will build the storage systems. The company estimates that over their entire lifespan, which it estimates at 35 years, the projects in Spain will generate (including the storage facilities) revenues of 1.2 billion euros, and from them an EBITDA of about one billion euros.

In July, Sunflower completed the acquisition from Brand and Solterra of solar projects and storage projects at various stages of development in Germany, Poland, and Italy, with a maximum potential capacity of about 240 MW of solar and 7.7 GWh of storage. Sunflower is traded at a value of 417 million shekels, following a 54% increase in the share price over the last year.