Sunday, August 24, 2008

US energy co AES negotiating with Israeli biofuel and wind companies

AES Corporation, a $10 billion global power company listed on the New York Stock Exchange, reportedly is pursuing contacts for expanding its activity in Israel. Sources inform ''Globes'' that the company is in negotiations to invest NIS 25-27 million ($8 million) in Israeli alternative energy company GNRY Ltd..

GNRY produces electricity from steam generated by burners, which use wood chips as fuel. The company set up its first facility in Israel at the Galam factory at Kibbutz Maanit at an estimated investment of $7 million.

For more about GNRY, check out these articles on Green Prophet and Ynet News.

Earlier this month, "Globes" reported that the company may also become a partner in a 400-megawatt wind energy project to be built by Mei Golan Wind Energy Development Ltd. on the Golan Heights.