Enlight Renewable Energy announced that Applied Materials Israel has entered into a 15-year corporate power purchase agreement ("PPA") for the supply of renewable energy to its Israeli operations. The electricity will be sourced from Enlight's solar and storage facilities currently under construction in Israel. The agreement comes with an option to increase consumption volumes based on Applied Materials Israel's needs.

Sourcing power from Enlight will enable Applied Materials Israel to gain traction on its ESG targets and meet a global commitment to use energy from exclusively renewable sources by 2030. The agreement between the two companies comes in advance of the planned deregulation of the Israeli electricity sector in January 2024, which will allow independent producers such as Enlight to sell power directly to end users.