Israeli Firm Raises $200 Million For Field

11:06 AM, May 22, 2012   |    comments
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JERUSALEM (AP) - An Israeli solar company says it has raised more than $200 million to build eight solar energy fields in the country's southern desert.

Arava Power Co. says the deal is by far the biggest ever in Israel's solar power industry.

Arava Power's chief executive, Jon Cohen, said Tuesday the installations, to be built in southern Israel's Negev desert, are "another step toward energy independence for Israel and a greener future for generations to come."

The company says the fields will generate 58.5 megawatts of power. Investors include the Noy investment fund, French energy company EDF, Bank Hapoalim, Israeli insurer Migdal and pension fund manager Amitim.

Israel hopes to generate 10 percent of its power from renewable sources by 2020.

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