IC Power Israel acquires rights to construct 396 MW natgas power station
SINGAPORE -- IC Power Israel (ICPI) has entered into an agreement to acquire 95% of the shares of Zomet Energy Ltd. from Ipswich Holdings Netherlands B.V. (47.5%) and Rapac Energy Ltd. (47.5%).
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| Photo Courtesy of ICPI. |
Zomet holds the rights to develop a natural gas fired power station at Plugot Junction, Israel with an estimated capacity of approximately 396 MW, in addition to land rights and statutory approvals. Completion of the transaction is subject to the fulfillment of certain conditions, including various regulatory approvals.
The project has been approved as a national infrastructure project by the government and the National Infrastructure Committee of Israel. The natural gas power plant will produce electricity using open cycle technology, and is expected to serve as a peaking unit. The project is expected to be funded through a combination of equity and project finance debt.
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