Alstom has signed several contracts with PSP Investment Ltd. to provide both equipment and operation & maintenance services for Israel's 300-MW Gilboa pumped-storage hydropower plant.
Per a US$163.2 million contract, the global manufacturing conglomerate will provide two 150 MW pump turbines, associated balance of plant equipment and control systems.
Alstom (ENX: ALO) also signed a deal to provide day-to-day operation and maintenance services for the plant for an 18-year period.
"This contract demonstrates Alstom's commitment to supporting the Israeli energy market, providing solutions for renewable and clean energy sources," Alstom Renewable Power President Jerome Pecresse said. "This order further reinforces Alstom's leading position on the hydro pumped-storage power market, and our capability to propose to our customers a complete offer from equipment to services."
Gilboa will be Israel's first pumped-storage hydroelectric plant when it is commissioned in 2018, increasing the country's installed power supply by about 2.5%.
The project also marks Alstom's first foray into the Israeli hydropower market, though the company already has a presence in its steam and gas power sectors.
For more pumped-storage news, visit here.