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Arava Power to invest $2bn in Israeli solar fields

6 Jun 2011

Israeli renewable energy developer Arava Power reportedly plans to invest $2bn in the construction of 50 new solar projects in Israel after putting the country’s first solar plant into operation at the weekend.

The country’s first solar plant at the Kibbutz Keturah, which has the capacity to generate nearly 5MW of power and cost in the region of $30m, is expected to connect to the grid within weeks, according to reports.

Arava Power vice chairman David Rosenblatt said this week that the company aims to build solar fields with a combined capacity of close to 400MW, Reuters said. It intends to build these plants in the Negev desert region by 2014, with backing from Siemens.

State-owned power company Israel Electric has agreed to pay in the region of $0.45 per kWh of power from the solar projects for 20 years, although this payment is expected to fall in the future.

The government would need to raise its quota on solar fields for the company to go ahead with its plans, which the Arava expects to happen within weeks.

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