OPC to sign power deal with Haifa Oil Refineries

The OPC power plant at Mishor Rotem in the Negev in Israel is about to sign a 10-year contract with Haifa Oil Refineries to sell 115 MW, starting at the end of 2012. The deal is worth an estimated $55m a year.

OPC is currently building a 440 MW plant at a $600m investment. The company won the tender to build the plant for the Israel Electric Corporation (IEC), and the tender committed IEC to buy the plant’s output for 20 years, but left OPC with an option to sell 75 per cent of its electricity directly to private customers, with the remaining 25 per cent being sold to the national grid.

OPC now holds five contracts to supply electricity. Including deals in progress, it is contracting to sell a total of 300 MW, close to the limit of what it can sell privately.

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