Green Wind Energy Ltd., which has operated wind turbines on the Golan Heights for 18 years, today announced that it has obtained a permit from the Ministry of Interior, the Public Utilities Authority, and Israel Electric Corporation (IEC) (TASE: ELEC.B22) for plans to build a 14-megawatt wind farm.
Green Wind Energy is preparing the groundwork for the wind farm, which will be based on seven 80-meter turbines, each with a propeller diameter of 95 meters. Each turbine will generate two megawatts of electricity. The turbines will replace the current turbines on the site, which produce 4.8 megawatts of electricity.
The new wind farm will reportedly take two months to build once the infrastructure is laid down, with actual construction scheduled for the second quarter of 2011. Green Wind Energy expects NIS 25 million revenue a year from the wind farm over 20 years, which is the normal life span of wind turbines.
Green Wind Energy is in talks with DE Wind Ltd., a subsidiary of South Korea's Daewoo International Corporation (KSX: 47050) for construction of the wind farm. The projected contract is worth $25 million, and Green Wind Energy is considering a DE Wind offer to finance the entire investment.
Published by Globes [online], Israel business news - www.globes-online.com - on August 8, 2010
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