IES Holdings Ltd. (TASE:IES), controlled by Haim Geyer, plans to build a 400-megawatt power station at Palmachim, at a cost of NIS 1.9 billion. The move could put the real estate company, which has stayed out of the spotlight, despite a 300% return in the past five years, including 40% since January, on to the center stage.
IES announced its intention to build the power station in its financial report for the first quarter of 2013. The company will build the power station on a 266-dunam (88.5-acre) site it owns at the Palmachim Industrial Zone. The company earlier said that the Public Utilities Authority (Electricity) had granted it a provisional license to build the power station. The license will be valid for 66 months after the minister of energy and water resources signs it.
IES has a long way to go before building the power station: it will have to obtain approval from the planning commissions, present a detailed plan for the project, sign power production agreements, recruit investors and partners with experience in the power industry, and secure financing.
Published by Globes [online], Israel business news - www.globes-online.com - on May 22, 2013
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