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Arava Signs Israel's First Solar Project Financing Loan for $26 Million

Arava Power Co. signed a loan agreement with Bank Hapoalim BM for a $26 million photovoltaic plant in Israel, the first solar project financing in the country.

The Israeli renewable energy developer raised about $20.8 million in debt for a 4.9-megawatt photovoltaic park at Kibbutz Kitura, the company said today in an e-mail.

To contact the reporter on this story: Marc Roca in London at mroca6@bloomberg.net

To contact the editor responsible for this story: Randall Hackley at rhackley@bloomberg.net

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