Paz Oil Company Ltd. (TASE:PZOL) subsidiary Paz Solar Ltd. will build three mid-sized photovoltaic energy plants at an estimated investment of NIS 240 million. Two plants will be built at Kibbutz Hatzerim and Kibbutz Ein Hashlosha in the Negev, and the third will be built at a site in the Galilee. The company announced today that it has signed contracts for all three sites, all zoned for industry, and the landowners have an option to become partners in the projects.
Paz will design, and build the photovoltaic power stations and operate over the 20-year contract period. The two Negev power plants will each have five-megawatt capacity, with the arrays built on 90-dunam (22.5-acre) sites at a cost of NIS 90 million each. The Galilee power plant will have 3.5-megawatt capacity, with the array built on a 60-dunam (15-acre) site at a cost of NIS 60 million.
Last month, the Public Utilities Authority completed the regulatory process for operating mid-sized photovoltaic power plants. However, many design and construction problems still remain for realizing such facilities. Paz Solar nevertheless believes that it can bring the power plants online within a year.
Published by Globes [online], Israel business news - www.globes-online.com - on January 18, 2010
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