Ormat Technologies Inc. (NYSE: ORA) subsidiary Ormat Systems Ltd. yesterday signed an agreement with Sunday Energy Ltd. to own, install and operate mid-sized rooftop photovoltaic solar facilities. The facilities will have an aggregate capacity of 22 megawatt, and investment in them could reach NIS 350 million.
The companies will install high-tension photovoltaic solar facilities, which provide at least 630 kilowatts of electricity, on roofs that Sunday Energy leases throughout the country.
The partnership is due to get underway in 2011, in order to benefit from incentives offered by the Public Utilities Authority (Electricity) of NIS 1.49 per kilowatt/hour under 20-year contracts. The partnership estimates that the PV systems will generate NIS 50 million in annual revenue, for a total of NIS 1 billion over the contractual period.
The current agreement follows a similar cooperation agreement between Ormat and Sunday Energy, signed a year ago, for the installation of ground solar systems with an aggregate capacity of 36 megawatts. NIS 720 million will be invested in this venture.
Published by Globes [online], Israel business news - www.globes-online.com - on November 3, 2010
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