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7 November 2006 -- Solel Solar Systems, Ltd. announced that an agreement has been signed with Sacyr-Vallehermoso, the large Spanish infrastructure concern, to build three solar power plants in Spain with a total capacity of 150 MW and at an estimated price of $890 million. Within the frame agreement, Solel's scope of supply for all three projects is estimated at around $500 million.

For Solel, based in Israel, this marks the first turnkey power project to be delivered in Spain on a build, own and operate (BOO) basis. The project also enables Solel to act as provider of solar energy in Europe for the first time.

The current price per KWh for produced solar thermal electricity in Spanish electricity projects stands at 30 cents. The rate is subsidized by the Spanish Government for a period of 25 years in order to support and encourage alternative domestic energy sources.

Solel produces parabolic trough thermal technology that has been used in California's Mojave Desert for 20 years. The nine plants in California produce 350 MW of electricity for about 500,000 consumers.

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