www.businessweek.com
February 08, 2010
Arava Power Co., an Israeli solar company, said it signed agreements to invest 2 billion shekels ($535 million) to build 15 solar fields in Israel. The fields will produce a total of 100 MWs of solar energy using photovoltaic technology, the company, based in Eilat near the country's southern tip, said in a press release yesterday. Siemens AG, Europe's largest engineering company, said on Aug. 28 it invested $15 million for a 40% stake in Arava Power, which runs a solar energy plant at Kibbutz Ketura north of Eilat. Munich-based Siemens on Oct. 15 said it agreed to buy Israeli solar thermal power company Solel Solar Systems Solar Systems for about $418 million.
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