Canadian Solar Partners with Menora Mivtachim to Invest in Solar Power Projects in Israel

18.10.2017

Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that a wholly owned subsidiary of the Company and a few subsidiaries of Menora Mivtachim Holdings Ltd. ("Menora Mivtachim"), one of Israel's five largest insurance and finance groups, entered into a joint venture agreement with the aim to invest in the development, financing, construction and ownership of solar power projects in Israel.

A total of US$60 million is expected to be raised from Menora Mivtachim and Canadian Solar, with each party contributing an equal investment amount. The joint venture will finance the solar projects awarded by Israeli Electricity Authority under the solar power tenders and other solar projects to be developed under the partnership.

"Our partnership with Menora Mivtachim is a milestone achieved by Canadian Solar in this emerging market where the adoption of solar is growing rapidly. This partnership will leverage Canadian Solar's proven track record in developing and building solar power projects, with Menora Mivtachim's financial strength and credibility to create an industry leader in the local market," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.

Source: Canadian Solar

Similar Entries

Photon Energy NV announces that Canadian Solar will become a shareholder and provide development financing to complete the development of five of its Australian utility scale solar projects totalling 1.14 GWp.

BELECTRIC has successfully sold two of its French solar projects to a Joint Venture of JP Énergie Environnement (51 %) and Caisse des Dépôts (49 %). BELECTRIC France has developed the solar plants with a combined size of around 15MWp. In March 2017 the projects were awarded a feed-in remuneration by the French government (bidding round „AO CRE4“). At the beginning of this year BELECTRIC will start as EPC (Engineering-Procurement-Construction) contractor the construction works on behalf of the new owners. Commissioning is anticipated in Mid-2018.

SunPower (NASDAQ:SPWR), a majority-owned subsidiary of Total SA, announced today that it will supply 291 megawatts of its high-efficiency solar panels to projects awarded in the second round of France's CRE tender process, which includes ground mount, carport and roof top projects in continental France and storage and self-consumption in the country's ZNI (non-interconnected zones).

IBC SOLAR AG, a global leader in photovoltaic (PV) systems and energy storage, announces a strategic partnership with EVBox, a leading global manufacturer of electric vehicle (EV) charging stations and charging management software. As part of the agreement, EVBox will deliver EV charging stations to IBC SOLAR for private and public use. These may be easily combined with photovoltaics and energy storage systems.