Hapoalim to finance Makhteshim power plant

Bank Hapoalim has won a tender to provide NIS 750 million in loans to agrochemical company Makhteshim-Agan for the construction of a power plant.

The plant, with an annual production capacity of 120 megawatts, will be built in Ramat Hovav and be fueled by natural gas. The plant is due to begin operating in 2011.

Last summer Ramat Negev Energy signed an agreement with Makhteshim-Agan for the construction of a cogeneration energy plant, which will produce both electricity and steam.

Makhteshim-Agan is controlled by Koor Industries of the IDB Group.

Adeltech owns Ramat Negev Energy jointly with the Zorlu Energy Group, a Turkish company that is also collaborating with Adeltech on the construction of cogeneration plants for Solbar Industries (100 megawatts) and Agan Chemicals (50 megawatts), both of which are located in Ashdod.