Canadian Solar forms JV to develop Israeli solar

Solar module manufacturer Canadian Solar Inc (NASDAQ:CSIQ) today said it has partnered with Israeli insurance and finance group Menora Mivtachim Holdings Ltd (TLV:MMHD) to invest in solar power projects in Israel.

A wholly-owned Canadian Solar subsidiary has signed a joint venture agreement with several subsidiaries of Menora Mivtachim to develop, finance, build and own solar projects in the country.

Canadian Solar and Menora Mivtachim will each provide USD 30 million (EUR 26m) to the joint venture, which will finance the projects awarded by Israeli Electricity Authority under the solar power tenders, and other developments, Canadian Solar said.

"Our partnership with Menora Mivtachim is a milestone achieved by Canadian Solar in this emerging market where the adoption of solar is growing rapidly," commented Canadian Solar chairman and chief executive Shawn Qu. The partners are looking to create an industry leader in the local market by combining Canadian Solar's experience in solar development and construction with Menora Mivtachim's financial strength.

(USD 1 = EUR 0.851)

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