Migdal Insurance and Financial Holdings Ltd. (TASE: MGDL) yesterday signed an agreement to invest NIS 100 million in photovoltaic array integrator Sunday Energy Ltd. for a 10% stake in the company. Migdal received an option to acquire an additional 10% of Sunday at a company value to be determined in the future.
Migdal and Sunday had been in talks since September 2009. Migdal was represented by Herzog Fox Neeman Law Office and Migdal was represented by Tadmor & Co. Law Office.
Sunday CEO Kobi Dinar said, "Migdal's entry as a partner in Sunday is a strategic milestone toward implementing Sunday's vision of turning Israel into a global center of excellence in solar energy. I believe that Migdal's entry is an important step, not just for Sunday, but for the Israeli solar energy industry."
Sunday Energy has operated in Israel's solar energy market since 2007. It recently announced that it has a project backlog for mid-sized photovoltaic power facilities with an aggregate capacity of 160 megawatts, to be installed on buildings' roofs and on water reservoirs. The facilities will cost NIS 2.5 billion to build.
Published by Globes [online], Israel business news - www.globes-online.com - on March 15, 2010
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