Kardan NV a subsidiary of Tahal Water Energy Ltd has been granted a conditional license from the Ministry of National Infrastructures to build a 300MW pumped storage power plant at Kochav Hayarden in the Jordan valley at an investment of EUR 225 million. The company will sell the electricity to Israel Electric Corp. (IEC). Kardan estimates that construction will take three years. The license is conditional on Tahal arranging financing for the project within 18 months from the date the license was granted. Tahal has an option to withdraw from the project if the estimated turnover is not in line with current projections, depending on the final terms to be set by the Israel Electricity Authority. Kardan owns 81% of Tahal Water Energy through Tahal International Group BV.