Today, Dorad Energy Ltd. is due to sign a bank financing agreement for the construction of the NIS 4 billion private power station in Ashkelon, six years after the company was founded,. The last obstacle to the signing was lifted on Friday, when former Bank Hapoalim chairman Shlomo Nehama acquired 40% of Dori Energy Infrastructures Ltd., a private company that owns 18.75% of Dorad.
Since 2004, Dorad has held a license to build an 850-megawatt power station on land in Ashkelon owned by Eilat Ashkelon Pipeline Company Ltd.. Sources inform ''Globes'' that, prior to the deal with Nehama, Dori Energy was struggling to provide its share of the capital for the financial closing for the project.
Dori Energy said, "There is no truth to the claim that Dori Energy had trouble providing its share of the capital." The company added, "Approval of the electricity rates was only completed last Thursday."
Nehama, through Ellomay Capital Ltd. (Bulletin Board: EMYCF), which he controls, acquired 40% of Dori Energy for NIS 50 million, and has an option to buy an additional 10% at NIS 2.5 million per percent.
Published by Globes [online], Israel business news - www.globes-online.com - on November 29, 2010
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