Noy Fund buys Arava Power solar field stake

The Ketura solar energy field was the first to be connected to the national grid.

The Noy Infrastructure Fund, run by Pinchas Cohen, has signed an agreement to acquire 36% of a solar energy field at Kibbutz Ketura from Arava Power Company for NIS 15 million. The acquisition reflects a value of NIS 41 million for the solar energy station, which generates 5 megawatts. "Globes" was the first to report about the pending deal.

The Ketura solar energy field was built at an investment of NIS 100 million. It was attached to the national grid in September 2011, becoming the first and only solar energy field connected to the grid.

This is the first investment by an institutional investor in solar energy. The Noy Fund was set up by Poalim Capital Markets - Investment Bank Ltd. and Clal Insurance Enterprises Holdings Ltd. (TASE: CLIS), and was launched in May 2011. The Noy Fund, which has raised NIS 570 million to date, has acquired the government's rights to 49% of Derech Eretz Highways Ltd., the franchisee of the Road 6 Cross-Israel Highway toll road for NIS 1.4 billion, and Haifa's Metronit electric bus system, for NIS 45 million.

In addition, "Globes" revealed that the Noy Fund is in talks to become a partner in two large private power stations: Dalia Power Energies Ltd's power station and the pumped storage power station at Maaleh Gilboa.

The Ketura solar energy field was jointly build by Arava Power and Kibbutz Ketura through Global Sun Israel Ltd. Arava Power was founded in 2006 by Ketura, David Rosenblatt, who is vice chairman of the company and Yosef Abramowitz, its president. In 2009, Siemens AG (NYSE: SI; DAX: SIE) became a partner in the company. The Jewish National Fund is also an investor.

Published by Globes [online], Israel business news - www.globes-online.com - on January 2, 2012

© Copyright of Globes Publisher Itonut (1983) Ltd. 2012

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