Contractor selected for Manara Cliff pumped-storage project in Israel

摘要

Electra has been selected as the main contractor for a pumped-storage project at Manara Cliff in northern Israel. The construction group, based in Israel, has been awarded a contract worth US$ 300 million (NIS 1.05 billion) by the project's main investor Ellomay Capital, according to a filing with the Tel Aviv Stock Exchange on 1 November. Electra, which is controlled by Elco, said that completion of the agreement between the companies "is subject to agreement on a number of commercial matters, as well as financial closing by the licence owner, which is scheduled to take place in the first quarter of 2019". The project, which is estimated to require an investment outlay of NIS 1.3 billion, is to be located near the Lebanese border, and will entail the construction of an upper reservoir near Kibbutz Manara. An existing reservoir, south of Kiryat Shmona, will act as the lower basin.