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Article: Ormat Signs Joint Venture Agreement for Solar PV Power Systems.
- Article from:
- Energy Weekly News
- Article date:
- November 6, 2009
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Ormat Technologies, Inc. (NYSE:ORA), announced that its Israeli subsidiary, Ormat Systems Ltd., has signed a Joint Venture Agreement ("JVA") with Sunday Energy Ltd. ("Sunday"), an Israeli private company to develop, construct and operate solar-photovoltaic ("PV") energy systems in Israel with a total capacity of 36 MW.
Under the JVA, Sunday will contribute the rights to all of its property and roofs required to develop solar energy systems above 1 MW to special purpose entities ("SPEs"). Ormat will own 70% of each SPE and will also have control of it. Under the terms of the agreement, Ormat and Sunday will act, jointly, as the EPC contractor and the operator of ...