Electra Power to Provide Dan Hotels with Green Electricity for 10 Years

As part of Dan Hotels' vision to preserve the environment, the Earth, and reduce greenhouse gas emissions, it is embarking on a significant green initiative, under which it has signed a long-term agreement (for 10 years) to purchase green electricity from Electra Power. Following this initiative, Dan Hotels will become the first hotel chain in Israel to shift the majority of its electricity consumption to renewable energy sources.

Under the agreement expected to come into effect on 1/3/24, Dan Hotels will purchase green electricity from Electra Power amounting to up to 75% of the chain's electricity consumption in a deal estimated at around NIS 300-350 million.

The signing ceremony took place at Dan Hotels offices in Tel Aviv in the presence of Shlomi Tachan, CEO of Dan Hotels, Ron Federman, Deputy CEO of Business Development at Dan Hotels, Chen Melamed, CEO of Electra Power, and Amit Fragment, Deputy to the CEO of Electra Power.

Ron Federman, Deputy CEO of Business Development at Dan Hotels, stated: "Dan Hotels chain is working diligently towards promoting sustainable energy, preserving the environment, reducing greenhouse gas emissions, and shifting our electricity consumption to greener, more environmentally friendly and cleaner sources. In line with the trend in the Israeli economy, we have decided to lead a significant initiative by partnering with Electra Power, a leading company in the field, providing green electricity from renewable energy sources that will supply 75% of the chain's electricity consumption".

"We are proud to become the first hotel chain in Israel to sign such an agreement, which will allow us to convert most of the chain's electricity consumption to 'green' electricity and also significantly reduce the chain's annual electricity costs".

Amit Fragment, Deputy CEO of Electra Power, said: "We are proud to be the electricity supplier for the Dan Hotel chain and we thank them for choosing us. This is a significant deal for us as part of the company's business strategy and vision to be one of the leading companies in supplying electricity to households and strategic customers in Israel.

Electra Power, formerly Supergaz, was founded in 1953 and is the energy arm of the Electra Group. The company is involved in supplying electricity, natural gas, cogeneration, energy storage, cogeneration system development, and more. It is a publicly traded company on the Tel Aviv Stock Exchange and serves around 400,000 customers in Israel.

Dan Hotels was represented in the agreement by attorneys Gal Rub and Ido Porat from the law firm of Olgan Rosner and Co. Electra Power was represented by attorney Amit Krispin from the law firm KRB."