Sunflower Sustainable Investments Ltd. (TASE: SNFL) has signed an agreement to install 50-kilowatt ground photovoltaic facilities that will generate 2.5 megawatts altogether at a cost of NIS 30 million.
Sunflower, controlled by chairman Ram Biram and Gil Deutsch, the founders of Excellence Investments Ltd. (TASE: EXCE), currently owns solar farms in Italy, Spain, and Israel, which generate 25 megawatts altogether. The company uses subcontractors to build and maintain the solar farms.
In today's agreement, Sunflower will build 50 small PV facilities, subject to obtaining the necessary permits. At the current electricity tariff, the facilities are expected to generate NIS 6 million revenue a year, once they are hooked up to the national grid.
Sunflower's share price fell 3.8% today to NIS 11.55, giving a market cap of NIS 414 million.
Published by Globes [online], Israel business news - www.globes-online.com - on March 10, 2011
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