Exhibit 99.1
[AMPAL LOGO]
|
FOR:
|
AMPAL-AMERICAN ISRAEL CORPORATION
|
|
CONTACT:
|
Irit Eluz
CFO - SVP Finance & Treasurer
1 866 447 8636
irit@ampal.com
|
|
|
|
|
FOR:
|
KM/KCSA Investor Relations
|
|
CONTACT:
|
Roni Gavrielov
011-972-3-516-7620
roni@km-ir.co.il
|
|
|
|
|
|
Marybeth Csaby / David Burke
212-896-1236 / 212-896-1258
mcsaby@kcsa.com /
dburke@kcsa.com
|
Ampal Forms Joint Venture
with Clal Electronics Industries Ltd. for Development and
Acquisition of Wind Energy Projects Outside of
Israel
TEL AVIV – November 25, 2007 - Ampal-American
Israel Corporation (Nasdaq: AMPL) announced today that Merhav Ampal
Energy Ltd., a wholly owned subsidiary of Ampal, has signed a joint
venture agreement with Clal Electronics Industries Ltd., an
Israel-based holding company, for the formation of a joint venture
that will focus on the new development and acquisition of
controlling interests in wind energy projects outside of
Israel.
The joint venture, owned equally by Ampal and Clal,
will seek to either develop or acquire wind energy opportunities
with a minimum goal of establishing at least 150MW of installed
capacity within the next 3.5 years.
The joint venture agreement has customary first
refusal, tag along and veto rights as well as a non competition
clause.
The joint venture’s initial project is the
development of a wind farm in Greece.
Commenting on the joint venture Mr. Yosef A. Maiman,
Chairman, President and Chief Executive Officer of Ampal, said, "We
are pleased to be partnering with Clal. We believe the wind energy
market presents a significant opportunity for Ampal. This
partnership will enable us to effectively develop and implement
wind projects, allowing us to leverage the growing demand for clean
energy solutio
