Sources inform ''Globes'' that Electra Ltd. (TASE: ELTR) has signed a contract with Galilee Development Company Ltd. to build a pumped-storage hydroelectric plant in the Upper Galilee at an investment of NIS 1 billion. This is Electra’s first electricity venture. It will own half of the power plant and serve as the operational contractor.
The power station will generate 300 megawatts. The plant will have two one million cubic meter reservoirs: the upper reservoir will be at Kibbutz Menara, 750 meters above sea level, and the lower reservoir will be built in the Hula Valley, 80 meters above sea level. A pipeline under the Ramim Ridge will connect the reservoirs, generating power from the height differential. The power plant is now in the advanced planning and licensing stage under Public Utilities Authority (Electricity) criteria. Construction is expected to take 30 months from the date of approval.
Galilee Development Co. general manager Elikam Barlevy said the project would be the first of its kind in Israel. He said 350 pumped-storage hydroelectric plants are in operation worldwide, and that the method has been in use for decades.
The electricity development program, now under discussion, calls for pumped-storage hydroelectric plants to generate 5-8% of Israel’s power needs over the coming years.
Published by Globes [online], Israel business news - www.globes.co.il - on July 15, 2007
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