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Israeli company Orad has inked a NIS100 million (US$28.6 million) EPC contract for four solar PV projects with a total capacity of 35.5MW in Negev, Israel.
Having won a tender issued by the Israel Public Utility Authority for Electricity, Shikun & Binui Renewable Energy is the developing the project.
The deal will see Orad subsidiary SolarPower also performing O&M services for a decade at the plants sited in a semi-desert region of southern Israel. This is also combined with exit points every 3 years for NIS20 million.
The site will be linked with the IEC grid.
EPC would take 15 months to complete and is due before the end of 2018.
Orad said that it would need to pay compensation at a very substantial rate if it missed the construction deadline.
The company plans to fund the building work through equity, financing and banking.