Israeli Arava Power seeks USD 10m funding for solar plans abroad

Oct 29, 2012 - A new affiliate company of Israeli solar energy firm Arava Power has hired DS Apex M&A Ltd to help it raise USD 10 million (EUR 7.7m) to develop solar power plants globally, Jewish Telegraphic Agency (JTA) said today, citing Arava's president Yosef Abramowitz.

Through the new unit, Abramowitz will target solar power projects at countries in the developing world, with focus on Africa, JTA said citing Abramowitz as speaking at the 2012 Israel Energy and Business Convention, where he received the Person of the Year award, on Sunday.

Arava Power has developed the 4.95-MW Ketura Sun grid-tied solar power plant in Israel and is seen to soon start building eight more solar power plants at home.

(USD 1 = EUR 0.775)

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