Gilatz Investments Ltd. (TASE: GLTS) has signed an agreement with an Israeli partnership to set up limited partnership that will build small and mid-sized solar facilities in Israel. Gilatz did not disclose the name of the partner. Six months ago, Gilatz cancelled a NIS 50 million investment in Israel's solar energy market.
Gilatz, controlled by Rony Biram and Gil Deutsch, has invested heavily in photovoltaic parks that are under construction in Spain and Italy. The company did not disclose how much it will invest in Israel, but sources believe that it will be considerably less than its foreign investments.
Gilatz and its partner have agreed on the activity of the limited partnership, how it will be managed, and various financial points. The partner will locate suitable sites for the solar energy facilities, and will handle the licensing.
Later, subject to approval of a tariff of at least NIS 1.55 per kilowatt/hour for small solar power facilities, the partnership will support scores of small facilities.
Gilatz's share price rose 1% in morning trading to NIS 11.39, giving a market cap of NIS 372 million.
Published by Globes [online], Israel business news - www.globes-online.com - on June 15, 2010
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