Yes, "del" is the contraction of "de" and "el".

"De" have more than one meaning. Ej: La casa de Andrea. ---> The Andrea's house. José viene de Bolivia. --> José comes from Bolivia. And as "Mompers" says, "del" is "de + el". Example: Viento del norte = Viento de el norte --> North wind. Nubes del cielo = Nubes de el cielo ---> Clouds of the sky.