Noy Infrastructures Fund, run by Pinchas Cohen, will become a strategic partner in five thermosolar energy farms under construction by Arava Power Company. The thermosolar energy farms have an aggregate capacity of 35 megawatts of electricity. The estimated construction cost is NIS 350 million.
Sources inform ''Globes'' that Noy Fund's stake in the projects will be based on the fund's NIS 15 million investment for a 36% stake in Arava Power's project at Kibbutz Ketura earlier this year.
The new solar energy projects have already obtained approval for their electricity rates from the Public Utilities Authority (Electricity). Noy Fund's investment will enable the financial closing for the projects based on the Public Utilities Authority's requirements.
The five projects in the Arava are: a 620-kilowatt project at Yakum, a 7-megawatt project at Elipaz, a 6.4-megawatt project at Shoval, an 8.9-megawatt project at Maslul, a 6.8-megawatt project at Kibbutz Yotvata, and a 6.4-megawatt project at Grofit. The projects' estimated return on capital is 11%
Arava Power was founded in 2000 by Kibbutz Ketura, and its partners are Siemens AG (NYSE: SI; DAX: SIE) and the Jewish National Fund.
Noy Fund and Arava Power declined to comment on the report.
Published by Globes [online], Israel business news - www.globes-online.com - on May 13, 2012
© Copyright of Globes Publisher Itonut (1983) Ltd. 2012