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Haifa Court Orders Partial Payment Hold in Dispute Over Gilboa Pumped Storage Facility
The Haifa District Court ruled that Noga cannot immediately deduct 75 million shekels from payments to PSP Investments over a 150 million shekel dispute related to the Gilboa pumped storage facility's shutdown. The court allowed gradual deduction of the remaining amount until the main case is resolved.
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What happened
- 01Haifa court blocks Noga from deducting 75 million shekels immediately from PSP payments.
- 02Noga demanded 150 million shekels over Gilboa facility's prolonged shutdown costs.
- 03Court allows gradual deduction of remaining 75 million shekels at 5 million shekels monthly.
- 04Dispute centers on PSP's alleged failure to meet availability during Sept 2022-July 2023 repairs.
- 05PSP argues payment demand lacks legal basis and warns of severe cash flow harm.
- 06Gilboa pumped storage facility has 300 MW capacity and began operating in 2020.
The dispute involves costs claimed by Noga due to PSP's alleged failure to meet availability during repairs from September 2022 to July 2023.
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