Ampal-American Israel Corporation has announced 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's initial project is the development of a wind farm in Greece.