On December 3, the MRC Aluntavo Power Company, in which the Pan-Mediterranean Engineering Company holds shares, paid the money for purchase to IEC, Israel's national power company, at the time specified in the contract. By then, the Aluntavo Gas-fired Power Plant Project in Israel realized smooth delivery.
MRC is a joint venture of the Pan-Mediterranean Engineering Company, Mivtach Shamir Holdings Ltd. and Rapac Energy, and the successful delivery of the plant marks a new phase of the Pan-Mediterranean Engineering Company's development in Israel. The delivery meeting was chaired by Ofer Bloch - President of IEC, and attended by IEC executives and its tendering team, representatives of shareholders of the MRC Power Company and their legal and financing teams, as well as senior executives and legal advisers of Bank Hapoalim, the leading bank of the financing syndicate. At the meeting, Ofer Bloch highly recognized the outstanding performance of the joint venture of the Pan-Mediterranean Engineering Company in the various stages, including qualification examination, bidding, financing and transfer, and congratulated Pan-Mediterranean Engineering Company on its successful participation in the historic process of Israel's power reform.
The Aluntavo Power Plant Project is the first project of the privatization reform of Israel’s power company and has an epoch-making significance for the Israeli government and the Israeli power industry. The success of the project is a typical example of localized cooperation of the Pan-Mediterranean Engineering Company, and also the first project for which the Pan-Mediterranean Engineering Company realized financing in the developed regions, laying a solid foundation for the in-depth development of the Pan-Mediterranean Engineering Company in the field of power investment. Meanwhile, the successful delivery of this project also means that Pan-Mediterranean Engineering Company has taken a solid step in implementing one goal of its strategic positioning, that is, to become an "overseas power industry investment operator".
Hereafter, the Pan-Mediterranean Engineering Company will take this as an opportunity to continually increase the industry leading, do a good job in strategic transformation, and achieve high-quality development.