IEC adds major solar power co to national grid

Arava Power Company is owned by US investors and Kibbutz Ketura.

Israel Electric Corporation (IEC) (TASE: ELEC.B22) has given its first-ever green light to connect a photovoltaic power plant to the national grid. IEC will hook-up an 80-megawatt solar power plant of Arava Power Company, owned by Kibbutz Ketura, with a 40% stake, and a group of US investors led by company president Yosef Abramowitz, who own the rest.

The power plant will be built on an area covering 1,500 dunam (375 acres) on Kibbutz Ketura at an investment of $400 million.

The IEC's plans will enable the new Ketura power plant to become part of the national grid within four years after the approval and construction of 161-kilowatt high-tension line in the Arava.

Arava Power has so far signed exclusive agreements with 15 kibbutzim in the Arava and the Negev for solar photovoltaic fields totaling 500-megawatt. As published in "Globes," the company has already received a license from the Public Utilities Authority (Electricity) for the construction of a 5 megawatt substation on Kibbutz Ketura at an investment of between NIS 100 million to NIS 120 million.

Published by Globes [online], Israel business news - - on February 15, 2009

© Copyright of Globes Publisher Itonut (1983) Ltd. 2009

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