Sunflower Sustainable Investments Ltd. (TASE: SNFL) (formerly Gilatz), which invests in renewable energy projects, has scaled back its planned Israeli photovoltaic energy project to 2.5 megawatts from 5 megawatts, because some of the terms in the original contract with the seller have not met, and are unlikely to be met in the near term.
Consequently, the price of the deal has been reduced to about NIS 35 million, plus VAT. The final price will depend on the basis of the sale of electricity from each of the facilities to be built.
The deal is based on arrangements set by the Public Utilities Authority (Electricity) from December 2009 for mid-sized photovoltaic facilities larger than 50 kilowatts that are hooked up to the national grid.
Sunflower is controlled by chairman Roni Biram and Gil Deutsch
Sunflower's share price was unchanged at NIS 17.72, giving a market cap of NIS 640 million.
Published by Globes [online], Israel business news - www.globes-online.com - on October 25, 2010
© Copyright of Globes Publisher Itonut (1983) Ltd. 2010