Israel Corp acquires Chilean power company

IC Power acquired Central Tierra Amarilla for a $15 million capital injection.

Israel Corporation (TASE: ILCO) has acquired Chilean power company Central Tierra Amarilla SA for a $15 million capital injection into the company, which owes the banks $60 million.

Israel Corp subsidiary IC Power will own 75% of Central Tierra Amarilla and a Chilean company will own 25%. The company owns a 155-megawatt power station that uses open cycle diesel generators. Located north of Santiago, the power station mainly functions as a reserve energy source for local mines.

IC Power said, "This acquisition is part of the company's plan to expand into attractive countries in Latin America, in addition to its expansion Israel.

IC Power subsidiary Lima-based Inkia Energy Ltd. owns power stations producing 3,000 megawatts in seven countries: Peru, Bolivia, Chile, Panama, El Salvador, Jamaica, and the Dominican Republic.

Published by Globes [online], Israel business news - - on December 11, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

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