Solel wins solar power plant contract in California

The value of the contract is estimated at $45 million.

Solel Solar Systems Ltd. has made the grade and is now signing larger contracts than before. The maker of solar thermal systems for non-polluting power generation, today announced that it won a contract to upgrade seven solar power stations in California, owned an operated by FPL Energy, a part of the FPL Group Inc. (NYSE:FPL), one of the largest electricity service providers in the US. On the basis of the company’s contracts since the beginning of the year, the value of this contract can be estimated at $45 million.

Under the contract, Solel Solar Systems will be the sole technology contractor, supplying FPL Energy with 48,000 solar third-generation thermosolar collectors and heat transport units, which the company says convert solar energy 30% more efficiently than existing units. The company’s units generate non-polluting electricity for a greater number of residences at lower operating costs.

Solel Solar Systems CEO Avi Branmiller said, “The present contract strengthens our 10-year collaboration with FPL Energy. Our market is expected to grow significantly in the coming years, and Solel is well positioned to exploit new opportunities that arise.”

Since the beginning of 2006, Solel Solar System has announced contracts worth an aggregate $80 million to supply thermosolar units to power stations in the US and Spain. The company also announced the completion of development of its new “Solel 6” parabolic trough, with over 50% improved solar energy collection and power generation performance, compared with existing systems. The company will begin marking the Solel 6 during the second half of 2006.

Published by Globes [online], Israel business news - www.globes.co.il - on June 13, 2006

© Copyright of Globes Publisher Itonut (1983) Ltd. 2006

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