Spain-based water utility Miya has expanded its activities to the renewables sector with the acquisition of a stake in Xfloat, an Israeli floating solar developer.
Approved by the company and its shareholders, the acquisition is part of Miya ’s growth strategy based on expanding its activities in the field of green energy and efficiency.
The transaction will allow Miya to build upon its experience in delivering more efficient water systems to develop projects in the renewables sector using a unique technology focused on maximizing efficiency in the operation of floating solar plants and to participate in future power generation projects
According to Miya, it sees the floating solar technology as an additional way to deliver better results to water utilities around the world ensuring all their assets including water reservoirs are utilized in the most efficient manner.
Xfloat ’s technology – with no motors involved in the tracking system – allows to maximize production and returns, providing around 25% excess return over fixed floating solar technologies, Miya informed.
The technology developed by the Israeli company is also said to allow the use of bifacial solar panels, as Xfloat expects to continue its growth with new projects in different geographies with special focus on Europe, the US and Asia.
The company already has floating plants in operation and is currently completing a 10.6MW floating solar plant in Maayan Zvi in Israel.