08/28/2009
Solar power farms developer Arava Power secures $15 million investment from Siemens
Solar power farms developer Arava Power Company (APC) has secured $15 million investment from Siemens, through its equity investment company Siemens Project Ventures GmbH (SPV). The equity investment, that securing Siemens a 40% stake in the company, will make it possible to build Israel’s first commercial solar photovoltaic farms – to be located in the region between the southern Dead Sea and the Red Sea.
“Siemens is the ideal partner for Arava Power and our property partners for winning over others interested in producing solar energy in Israel,” said Jonathan Cohen, CEO of Arava Power. “Our strategic partnership will make it possible for our country to reach its ambitious goals of clean air and renewable energy even faster.”
The investment in the Israeli solar energy firm is aimed at constructing the solar fields with a significant proportion of Siemens know-how. Siemens has concluded a framework agreement to build solar plants with a total output of 40 megawatts (MW). The first project will be the construction of a plant with an output of up to 4.9 MW at Kibbutz Ketura, near Eilat. Additional photovoltaic plants are already being planned for the Negev and Arava deserts and Israel’s aim is to meet around ten percent of its total energy needs with renewable energy plants by 2020.
“This investment is another consequential step in further strengthening our green and sustainable technologies,” said Peter Löscher, President and CEO of Siemens AG. “Thanks to its intensive sunshine and steadily growing demand for energy, Israel is an ideal location for further developing our solar business.”
Founded in 2006 by Arava Power is owned by Global Sun Partners, a partnership with Kibbutz Ketura and American Investors led by the company President Yosef Abramowitz. The company is seeks to supply 10% of Israel’s electricity needs with the development of solar energy plants with Kibbutzim, Moshavim and other land owners, especially in the south of Israel.
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15:56 Posted in Energy Solutions | Permalink | Comments (0) | Email this | Tags: arava power company, apc, siemens, jonathan cohen, peter löscher, solar power farms
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