Edeltech is building a cogeneration power plant for Makhteshim Agan's factory at Ramat Hovav in the Negev.
Edeltech Holding Ltd. subsidiary Ramat Negev Energy Ltd. has signed a financing agreement with Bank Hapoalim (TASE: POLI; LSE:80OA) for the construction of a private power plant at the site of the Makhteshim Agan Industries Ltd. (TASE: MAIN) factory at Ramat Hovav in the Negev.
Ramat Negev Energy signed a contract with Makhteshim Agan to build a natural gas-driven 120-megawatt cogeneration power plant at an estimated cost of NIS 750 million. The power plant is being built under a government policy to encourage private power generation using cogeneration, which is more efficienty and environmentally friendly than regular power plants. Ramat Negev Energy is due to begin construction of the plant in a couple of months and complete it by 2011.
Makhteshim Agan is a unit of Nochi Dankner's IDB Holding Corp. Ltd. (TASE:IDBH), held through Koor Industries Ltd. (TASE:KOR).
Published by Globes [online], Israel business news - www.globes-online.com - on January 25, 2009
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