Canadian Solar and Menora Mivtachim will invest a total of $60 million to fund a joint venture in solar project development.
The joint venture will initially finance projects already awarded by the Israeli Electricity Authority in previous PV tenders, with further PV projects expected to be developed in the future.
“This partnership will leverage Canadian Solar’s proven track record in developing and building solar power projects,” said Chairman and CEO Shawn Qu, “with Menora Mivtachim’s financial strength and credibility to create an industry leader in the local market.”
Canadian Solar has found success in several markets through similar models to this, where it has launched project development activities through a locally based subsidiary, or partnered with a major financial institution in the target country.
Examples of this include Recurrent Energy in the U.S., which has connected more than 800 MW of solar in California since being acquired by Canadian Solar in 2015, and a deal in Japan, where Canadian Solar has leveraged a JPY 5.4 billion ($47 million) financing deal with Goldman Sachs to develop 52.5 MW of new PV in the first half of 2017 alone.
At the start of 2017, Israel had around 900 MW of PV installed, mostly in the rooftop segment. The country has now issued the first two tenders of a planned series of six before the end of 2018, in the first tender, 235 MW of new PV capacity was allocated.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: firstname.lastname@example.org.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.