Enlight Renewable Energy Solutions, a subsidiary of the Eurocom Group, has announced a €100 million ($147 million) joint renewable energy venture with Migdal Insurance and Financial Holdings.

The new partnership will be jointly owned by Enlight (51%) — which specializes in initiating, developing, and operating projects that generate electricity from solar and wind power in Israel and Europe– and Migdal (49%), an Israel-based insurance company.

The venture will invest in renewable energy projects outside Israel.

In November 2015, Enlight inaugurated the largest photovoltaic (PV) solar park ever to be built in Israel, a 55-MW solar farm located in Halutziot.