French engineering group Alstom SA (ALO.FR) has won a contract valued at 120 million euros ($163 million) to build Israel's first hydroelectric storage facility, the company said Thursday.
French engineering group Alstom SA (ALO.FR) has won a contract valued at
120 million euros ($163 million) to build
Israel
's
first hydroelectric storage facility, the company said Thursday.
The deal covers also an agreement to provide operating and maintenance services
for 18 years.
The group, which provides energy engineering services and has many other
interests including the construction of high-speed trains, said that the
project "represents Alstom's first entry into the Israeli hydro
market."
The new facility will be "the country's first pumped storage power
station", though Alstom said it already had experience "in the
Israeli power generation market with respect to existing steam plants and gas
plants."
The new plant, 60 kilometers east of
Haifa
,
would increase
Israel
's
power generation capacity by 2.5%, Alstom said.
The principle of the pumped storage facility works on electricity from other
power stations, during the times of day of low consumption, to pump water up to
a high-level reservoir from which it can be drained during peak hours to
generate electricity, which otherwise can't be stored in big quantities.
The announcement from Alstom came the day after Dutch pension asset manager
PGGM, one of the biggest in the
Netherlands
, said
it was divesting from five Israeli banks because they finance Jewish
settlements in the occupied Palestinian territories.
That decision came a month after a major Dutch water supplier ended a partnership
with an Israeli water company, which supplies Israeli towns and Jewish
settlements in the occupied
West Bank
.
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