Solon Elco Renewables Ltd has been established in Netanya near Tel Aviv by Berlin-based Solon and Israels Elco, a subsidiary of Electra Ltd. The spokesperson for Solon says each party has a 50% stake in the new company.
Currently, it is working on two photovoltaic projects worth 8.5 MW in Kibbuzim Kramim und Idan. The spokesperson says they will have a turnover of 11 million, of which half will belong to Solon, and are scheduled for completion next March.
Overall, Solon Elco Renewables intends to bid on a total of seven further photovoltaic projects in Israel, worth 200 MW. Project sizes will range from five to 55 MW.
Responding to why Solon chose to expand its solar operations in Israel, the spokesperson concludes, "Israel is an emerging and promising market with good conditions and not too much competition yet. With Elco we do have a strong and reliable partner, which makes a long term engagement even more attractive."