Canadians target Israel sun
$60m JV to develop solar projects in Middle Eastern country
Canadian Solar is teaming up with subsidiaries of Israeli insurance and finance group Menora Mivtachim Holdings to develop photovoltaic projects in Israel.
The joint venture aims to develop, finance, construct and own the plants.
The partners will invest a total of about $60m, providing equal shares to the venture.
Canadian Solar chairman and chief executive officer Shawn Qu said: “This partnership will leverage Canadian Solar's proven track record in developing and building solar power projects, with Menora Mivtachim’s financial strength and credibility to create an industry leader in the local market.”