Ormat teams with Sunday on Israeli PV project
The investment in the photovoltaic energy systems venture is NIS 720 million
Ormat Industries Ltd. (TASE: ORMT) is returning to its roots and Sunday Energy Ltd. is getting a boost. Ormat subsidiary Ormat Technologies Inc. (NYSE: ORA) has signed a joint venture agreement with Sunday to develop, construct, and operate solar-photovoltaic energy systems in Israel with a total capacity of 36 megawatts. The companies estimate the investment in the project at $195 million (NIS 720 million).
Sunday will contribute the rights to all of its property and roofs required to develop solar energy systems larger than one megawatt to special purpose entities. Ormat will own and control 70% of each entity, and Sunday will own 30%. The companies will act jointly as the equipment procurement contractor and the operator of each project on the basis of their proportional holdings in each entity.
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