October 11 (Renewables Now) - Israel-based firm Orad Ltd (TASE:ORAD) said on Tuesday it has won a ILS-100-million (USD 28.6m/EUR 24.2m) order to build four solar parks in the Israeli desert totalling 35.5 MW.
The contract was awarded by Shikun & Binui Renewable Energy, which secured the project in a tender launched by the Israel Public Utility Authority for Electricity. Under its scope, Orad will install the photovoltaic (PV) facilities in the southern semi-desert region of Negev and will also take care of their operations and maintenance (O&M) for 10 years through its subsidiary Solarpower.
According to Orad’s statement on the Tel Aviv stock exchange, it intends to finance construction works from equity and bank loans.
The Israeli firm expects to complete building activities by end-2018, noting that it will have to pay “substantial” compensations if it fails to miss certain performance targets. It will connect the plants into the power grid of Israel Electric Corporation (TASE:ELEC.B22).
(ILS 1.0 = USD 0.286/EUR 0.242)