May 3 (SeeNews) - Israel-based real estate company Aspen Group Ltd (TLV:ASGR) is looking to exit the solar power business and is inviting offers for 15.5 MW of installations, Globes reported today, citing a stock exchange statement by the company.
The firm is asking investors to submit bids for its 307 photovoltaic (PV) systems, some of which owned together with partners, that represent a combined capacity of around 15.5 MW.
The move comes as the company is aiming to focus on income producing real estate.
Aspen made its entry into solar energy two years ago with the purchase of 148 systems, each of 50 kW, from Brimag, an electrical products importer, according to the article. Since buying these installations for ILS 127 million (USD 34m/EUR 29.3m), the company has expanded its solar activities. Their profitability, however, is expected to decline due to a drop in solar electricity tariffs over the coming two years.
(ILS 1.0 = USD 0.268/EUR 0.231)