Sunflower Sustainable Investments Ltd. (TASE: SNFL) continues to expand its business in Italy, signing a memorandum of understanding to buy two more solar farms under construction for €7.5 million (NIS 38 million). The solar farms will generate two megawatts/hour when completed.
Sunflower, (formerly Gilatz)controlled by chairman Roni Biram and Gil Deutsch, first entered the Italian solar energy market early this year, after seeing the opportunity in the market, and has since concentrated its efforts there. The decision to focus on Italy followed legislation encouraging the operation of solar energy parks. The company has already invested hundreds of millions of shekels in Italian solar energy parks
Sunflower is also active in Spain, signing another agreement to buy solar energy facilities for the generation of 2.5 megawatt/hours last month. However, the company halved the original NIS 70 million investment.
Sunflower's share was unchanged in morning trading at NIS 16.51, giving a market cap of NIS 592 million.
Published by Globes [online], Israel business news - www.globes-online.com - on November 8, 2010
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