The utility is set to make its first entry into renewable energy production overseas.
Israel Electric Corporation (IEC) (TASE: ELEC.B22) is set to make its first entry into the renewable energy production market overseas. Sources inform ''Globes'' that the company will probably collaborate with Solel Solar Systems Ltd. for the building of a large solar energy power plant in Spain. The agreement between the two companies will reportedly be signed next month.
IEC and Solel Solar will jointly build three thermo-solar technology-based production units with a combined capacity of 150 megawatts. It is believed that IEC will probably provide planning and engineering services for the project, and may even play a role in its operation, at an estimated cost of tens of millions of shekels.
IEC declined to comment on the negotiations. A spokesperson said, "We will not be making any comment on this issue until such time as an agreement is signed between the two sides." Solel Solar was unavailable for comment by web posting.
Published by Globes [online], Israel business news - www.globes-online.com - on July 21, 2008
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