Noy fund to invest NIS 80m in Enlight's Halutziot project
The project is one of the largest solar energy plants planned in Israel.
The loan will be granted to a limited partnership owned by Enlight. Later, after the financial closing, part of the loan will be converted to equity, with the fund becoming an owner of rights in the partnership. According to the announcement to the stock exchange, Enlight will retain most of the rights in the project. The signing of a full agreement is conditional on completion of due diligence, on the project becoming part of the Public Utilities Authority (Electricity) assured tariffs quota, and on finance being obtained for the project.
The Halutziot project is one of the largest solar energy projects planned in Israel. It will have a 55 megawatt capacity, and will be constructed on a 1,000 dunam (250 acre) site at Moshav Ohad. The project involves land sawps with three neighboring settlements, Naveh, Bnei Netzarim, and Dekel, with each settlement receiving 250 dunams in the project. Bnei Netzarim and Dekel are settlements populated by people evacuated from Gush Katif in the Gaza Strip.
Bank Leumi will provide initial financing of NIS 13.4 million. The project will cost an estimated NIS 500 million to construct, and Enlight expects gross receipts of NIS 1.6 billion from sales of power of Israel Electric Corporation over twenty years.
Published by Globes [online], Israel business news - www.globes-online.com - on January 3, 2013
© Copyright of Globes Publisher Itonut (1983) Ltd. 2013
- Tel Aviv market report
- Tel Aviv Stock Exchange
- Israeli stocks in NY
- Arbitrage gaps for dual-listed stocks
- Israeli stocks in Europe
- Israeli stocks on other markets
- Tel Aviv 25 options
- Mutual funds
- Current representative shekel rates
- Historical representative shekel rates
- Bank shekel rates
- Shekel/dollar options