Sunflower buys solar installations in Israel

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The deal is worth NIS 70 million and the installations will generate 5 megawatts.

Sunflower Sustainable Investments Ltd (TASE: SNFL) (formerly Gilatz Investments Ltd.) controlled by Gil Deutsch and Roni Biram has signed an agreement to buy medium-sized photovoltaic installations from an Israeli company that can generate 5 megawatts.

The deal is worth NIS 70 million with the final price to be determined by the electricity tariffs awarded to each of the installsations.

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The purchase of the installations is dependent on certain conditions detailed in the agreement. Sunflower did not name the company, which is expected to build and maintain the project.

Sunflower's share price rose 0.34% on the TASE this afternoon to NIS 14.55.

Published by Globes, Israel business news - www.globes-online.com - on September 28, 2010