IEC to buy NIS 2b of solar energy over 20 years

IEC will buy 200 megawatts from four independent photovoltaic power facilities.

24 February 13 17:59, Nadav Neuman

Israel Electric Corporation (IEC) (TASE: ELEC.B22) will buy NIS 2 billion of electricity from four solar energy companies over 20 years. The utility will buy 200 megawatts from independent photovoltaic power facilities. The contracts are with Solproject 7 Ltd. (43 megawatts), Ketura Solar Ltd. (45 megawatts), Zmorot Solar Park Ltd. (53 megawatts), and Enlight Renewable Energy Solutions Ltd. (TASE:ENLT) (62 megawatts).

IEC's board of directors approved a plan under which the private power producers will build the photovoltaic facility, which IEC will hook up to the national grid and promises to buy all the electricity sent to the grid on the basis of the generic draft agreement approved by the Ministry of Energy and Water Resources.

The power purchasing agreements are subject to approval of the Government Companies Authority on the basis of the prices and terms set in the provisional licenses it has awarded.

Published by Globes [online], Israel business news - www.globes-online.com - on February 24, 2013

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