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Arison buying 60% of power station
By Avi Bar-Eli

Shari Arison's company Housing & Construction is buying 60% of a power plant construction project in Be'er Tuvia, near Kiryat Malakhi. The transaction is being done through H&C company Blue-Green. The seller is Tahal, one of the partners behind the future power plant. The project involves building a power plant at an estimated investment of $350 million. The transaction depends on due diligence. Housing & Construction would be a financial, not a strategic, partner.

The project was being pursued by Tahal in partnership with IPM. The Tel Aviv-listed Kardan group held 60% of the partnership and Israel Power (owned by Epstein Engineering, Chicago Power and others) held the rest. The land for the plant was bought from Bayside (Gav Yam), a member of Nochi Dankner's IDB group, in a deal that gives Bayside an option to buy up to 15% of the partnership.
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