Ltd. was incorporated in 2002 with the intention of dealing with
the production of electricity, and the construction of the
infrastructure required for this activity. The Company is
building a combined cycle power station based on natural gas,
with a production capacity of approximately 800 MW, on the
premises of the Eilat-Ashkelon Pipeline Company (EAPC) located
south of Ashkelon.
electricity produced will be sold to end-users throughout Israel
at competitive tariffs, and to the National Electrical Grid. The
transmission of electricity to the end-users shall be done via
the existing transmission and distribution lines, in accordance
with the provisions of the Electricity Sector Law and its
Regulations, the Standards and the tariffs determined by the
Public Utility Authority - Electricity.
Due to its
diverse activities, its size, and financial strength, Dorad is
considered to be a pioneer in its field.
achieved Financial Close and signed a Facility Agreement
together with several related documents on November 29, 2010
(the Financial Close Date), with Bank Hapoalim Ltd. as the Debt
Arranger and with Clal Finance (from Clal Insurance Company
Ltd.) as the coordinator for the consortium of financial
institutions, for furnishing of debt financing in the amount of
80% of the capital investment for the project by a consortium of
banks and financial institutions.
27, 2011, with the fulfillment of the conditions precedent from
the Facility Agreement, Dorad achieved first drawdown for the
long-term loan facility.
work has started at the site, and is anticipated to finish with
Commercial Operation scheduled to take place during the second
half of 2013.