Israeli company raises $200 million to build solar energy fields in southern desert

Arava Power Co. says the deal is by far the biggest ever in Israel’s solar power industry. Arava Power’s chief executive, Jon Cohen, said Tuesday the installations, to be built in southern Israel’s Negev desert, are "another step toward energy independence for Israel and a greener future for generations to come."

The company says the fields will generate 58.5 megawatts of power. Investors include the Noy investment fund, French energy company EDF, Bank Hapoalim, Israeli insurer Migdal and pension fund manager Amitim. Israel hopes to generate 10 per cent of its power from renewable sources by 2020.