Israeli Solar Energy a Big Hit in Germany

Photo: Getty Images

The future looks bright for Israeli solar energy. Today, German engineering powerhouse Siemens AG announced that it will buy a 40% stake in Israeli solar company Arava Power for $15 million.

Arava Power develops, builds, and operates photovoltaic plants in Israel and is considered the Israeli market leader. Siemens’ chief executive said, “This investment is another consequential step in further strengthening our green and sustainable technologies.”

The investment will contribute to Israel building the first commercial solar farms in the region between the Dead Sea and the Red Sea. Siemens will handle project management, including engineering and construction of the photovoltaic plants.

Read the full AP story here.

2 people like this post.

Unlike