Ormat just announced that its Israeli subsidiary has started a new joint venture with Israeli energy company Sunday Energy. Under the agreement, the two companies will work together to develop, construct and operate 36MW of Israeli solar PV systems.

The project is expected to cost $195 million in capital, financed by 80% Non-Recourse project finance debt. However, once the solar systems are completed,a long-term purchase agreement with Israel Electric Corporation Ltd is already lined up, and should bring in $30 million in revenues for the next 20 years.

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Posted by claire at October 20, 2009 11:53 AM