Business / Industry Sectors
IEC to advise Indian public sector company on solar fields
09/04/2014
India’s Hindustan Salt is building a 8,000 megawatt field in Gujarat State

Israel Electric Corporation (IEC) is to provide consulting services to an Indian public sector company on development and building of a solar field supplying 8,000 megawatts of energy. The plant will be located in Gujarat State.

This venture will be far larger than the solar fields built to date in Israel. The largest solar field in Israel produces 55 megawatts. In March 2014, IEC signed a memorandum of understanding (MoU) with the Indian company Hindustan Salt and its subsidiary, providing for IEC to share its expertise in the development and setting up of the project, based on the results of the feasibility study.

It is to be noted that Israeli regulations prohibit IEC from developing solar fields in Israel. Any international activity on the part of IEC requires approval from the Government Companies Authority (GCA). The GCA is delaying the establishment of a subsidiary that is meant to coordinate business activities of IEC abroad. In October, 2012, IEC submitted a request to register the subsidiary in Cyprus, but the GCA rejected it on the grounds that the scale of activity awarded to the company was too large. IEC then reduced the planned framework of activity by 50%, to just $10 million. IEC then approached the GCA again in December, 2012, and asked to register the company in Cyprus, but the request has not yet been responded to.

 

Sourse: Globes.

 

 

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