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Mekorot, Aquate Group in landmark deal
Posted By Viva Sarah Press On November 27, 2011 @ 12:00 am In | No Comments
Mekorot, the national water company, has signed an unprecedented commercial agreement with Aquate Group, a global developer of sustainable assets which deliver both climate change mitigation and adaptation services on a regional basis.
Mekorot hopes the landmark deal, which was signed at Watec 2011, will promote reservoir enhancement as a means to increase water availability and alternative energy production while minimizing national resources loss.
The deal calls for Mekorot to lease a reservoir area of 100,000 square meters to Aquate Group for 20 years. Aquate’s reservoir enhancement infrastructure will eliminate water evaporation and increase irrigation water availability. Aquate Group will bear the operations and maintenance costs of the project.
The total socio-economic value to Israel’s national economy from this project is estimated at $45 million, accounted from the prevention of water evaporation, reduced biological treatment of the covered water surface, increase of over one square km of irrigated agricultural land, reduced use in chemical fertilizers and clean energy production.
This deal for sustainable development of renewable water and energy sources at the national level is first of its kind. The project is expected to be first in a series of agreements between the parties, with the aim of enhancing all national and privately owned reservoirs.
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