This excerpt taken from the AMPL 8-K filed Nov 29, 2007.
Item 8.01 Other Events.
On November 25, 2007, Merhav Ampal Energy Ltd. (MAE), a wholly owned subsidiary of Ampal-American Israel Corporation (the Company), signed a joint venture agreement (the Agreement) with Clal Electronics Industries Ltd. (Clal), an Israel-based holding company, for the formation of a joint venture (the Joint Venture) that will focus on the new development and acquisition of controlling interests in wind energy projects outside of Israel. The Agreement has customary first refusal, tag along and veto rights as well as a non-competition clause.
The Joint Venture, owned equally by Clal and the Company through MAE, will seek to either develop or acquire wind energy opportunities with a goal of establishing at least 150MW of installed capacity within the next 3.5 years. The Joint Ventures initial project is the development of a wind farm in Greece.
A copy of the Companys press release announcing the execution of the Agreement is attached hereto as Exhibit 99.1 and is incorporated in this report by reference.