Arava Power progresses on Negev solar project

The company plans to produce 500 megawatts of electricity by at photovoltaic farms.

Arava Power Company today announced that it has reached exclusive cooperation agreements with 15 kibbutzim, including Ketura and Yotvata, that own land available sufficient for the production of up to 500 megawatts of electricity at photovoltaic farms.

Kibbutz Ketura owns 40% of Arava Power. A group of US investors, led by company president Yosef Abramowitz, own the rest. Today's agreements are the first between a solar power company and kibbutzim in the Negev and Arava, where solar energy farms will be located.

Arava Power believes that it will have exclusive agreements with more than 20 kibbutzim by the end of the year. Arava Power VP regional development Jonathan Cohen said, "The company does not comment on its commercial agreements with the kibbutzim, except to note that we're talking about cooperation on all aspects of the project."

Published by Globes [online], Israel business news - - on November 3, 2008

© Copyright of Globes Publisher Itonut (1983) Ltd. 2008

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