Arava Power Signs Israel’s First Solar Project Financing
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Arava Power Co., an Israeli renewable-energy developer, signed a loan agreement with Bank Hapoalim BM to build a 4.95-megawatt photovoltaic installation, the country’s first project financing for a solar-power plant.
The company closed a deal to fund the plant near its headquarters at Kibbutz Kitura estimated to cost about 100 million shekels ($27.8 million), Arava said today in a statement. Debt will amount to about 80 percent of this figure, co-founder David Rosenblatt said by telephone.