Sunray to invest USD 300m in 65 MW of Israeli solar power

(ADPnews) - Feb 24, 2010 - Malta-based SunRay Renewable Energy Ltd plans to pour some USD 300 million (EUR 221m) on seven photovoltaic (PV) arrays, with a combined capacity of 65 MW, in Israel.

The company's subsidiary -- Sunray Israel Blue White Ltd -- has applied with the Public Utilities Authority (PUA) and the National Planning and Building Commission for licenses and building permits respectively.

The Israel venture has also already sealed deals with several agricultural communities to purchase land rights for the PV arrays, which will have a capacity of up to 10 MW each.

When completed, the systems are proposed to be connected to the national grid, which is controlled by Israel Electric Corp.

Overall, the PUA has received 40 applications for solar power licenses. In early January, the Authority approved a number of mid-sized PV project, combining 300 MW and scheduled to come on stream through 2014. The PUA is buying the electricity output at ILS 1.49 per kilowatt-hour (kW/h). The tariff under 20-year power purchasing agreements (PPA) will be reduced by 5% in 2012.

(USD 1.0 = EUR 0.738)
(ILS 1.0 = USD 0.395/EUR 0.292)

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