Gilatz Investments Ltd. (TASE: GLTS), controlled by Ronny Biram and Gil Deutsch, is continuing to expand its solar energy activity in Italy. The company today announced that it had signed an memorandum of understanding (MOU) to buy five more solar parks under construction at an investment of €18.6 million (about NIS 90 million). When completed, the solar parks will produce 5 megawatt/hours of electricity.
Gilatz signed the MOU through a subsidiary, in which it owns a 90% stake, set up to handle the company's business in Italy.
Earlier this year, Gilatz announced that it would invest €7.4 million to buy two solar parks under construction, which will produce 1.92-megawatt/hours. Until then, most of Gilatz's solar energy activity was in Spain. The company decided to invest in Italy, following legislation to encourage solar energy. The measures include a 20-year subsidiary of €0.346 per kilowatt/hour on electricity sales.
Gilatz's share price fell 2.9% today to NIS 12.12.
Published by Globes [online], Israel business news - www.globes-online.com - on June 30, 2010
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