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Israeli Netafim to supply irrigation system to Peru for $22 million

Ynet News
Navit Zomer

Israeli water solutions company Netafim signs deal with Peruvian company Maple Energy to supply services for large-scale sugar cane project in order to create ethanol as alternative energy source. Netafim said to be in negotiations for additional deals of this sort

Israeli company Netafim, which provides innovative water solutions to clients, won the tender to supply irrigation solutions to a large-scale sugar cane growing project in Peru. The sugar cane grown will be used to create ethanol as an alternative energy source.

Netafim, jointly owned by Kibbutz Hatzerim, Kibbutz Yiftach, Kibbutz Magal, Markstone Capital Group, and Tene Capital, signed the deal valued at $22 million, good news in light of the economic crisis, which has affected agricultural companies, mainly because of dried up credit sources for financing large-scale agricultural projects. Netafim themselves recently laid off more than 200 employees following a decrease in orders.

The deal, signed with Peruvian company Maple Energy, stipulates that Netafim will provide engineering, planning, procurement, and building services, while also being the exclusive supplier of irrigation equipment for the sugar cane project. Maple Energy produces energy for industrial clients from oil, gas, and ethanol and is headed by CEO Rex Canon.

The project will be spread over some 20,000 acres in southern Peru, which will be used to grow sugar cane used to produce ethanol and electricity. Infrastructure building is scheduled to be finished in 2010.

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# SA says :
3 March, 2009 [ 17:43 ]

This is a ray of sunshine in a dark world.  The irrigation system will also help with the cultivation of crops for food! 

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