Siemens Solar Investment
$200 Million Ready for 58 Megawatts of Solar
According to a report by Bloomberg News, Israel-based renewable energy developer Arava Power Co. recently announced the financing of eight solar projects with a collective value of over $200 million.
Arava, which is partly owned by Siemens AG, just closed on two different agreements for PV plants in the Negev desert with a combined capacity of 58 MW. This comes as Arava completed its first solar project last summer.
The company’s ultimate goal is to be able to produce more than 400 MW of large-scale projects. However, Israel’s goal as a nation is to be able to source 10% of its energy from renewables by the end of the decade. So far, about 140 MW in PV solar are installed and operational.
Siemens will start building the new plants within a few months, according to reports.