Founders of Arava Power Company To Invest $20 Billion in Solar Energy

The Israeli solar energy company Arava Power announced an investment plan of $20 billion over eight years, with the goal of providing clean electricity to 50 million people around the world, reports Itamar Bartur.

al-monitor A man stands in front of solar collector dishes in Kibbutz Kvutzat Yavne, March 22, 2009. Photo by REUTERS/Baz Ratner.

Topics covered

yosef abramowitz, solar energy, rwanda, romania, israel, investment plan, galapagos, europe, clean energy, arava power, africa

Dec 1, 2012

The founders of Arava Power Co., Israel's leading solar developer, yesterday [Nov. 28] announced the launching of a new firm, named Energiya Global Capital. The new venture is designed to develop solar fields around the world. It is backed by [more than] $800 million in conditional financing and is already dealing with the development of six projects. An announcement to that effect was made at the fifth Eilat-Eilot Renewable Energy Conference.

“Our goal is to invest $20 billion by the year 2020 in the production of 10,000 megawatts and to supply green energy to 50 million people, mostly in developing countries,” says Arava’s President Yosef Abramowitz, who serves as president and co-founder of the new venture. “We have a moral and strategic interest in putting an end to the burning of oil for electricity production the world over by harnessing solar energy to that end, while improving the quality of life of tens of millions of people.”

Seeking to improve the quality of life

The American cable news network CNN has chosen Yosef Abramowitz, the moving force behind Energiya Global Capital, as one of the six globally leading pioneers of the year in the sphere of green energy. Abramowitz was also named Man of the Year at the Israel Energy and Business Conference 2012 held recently.

Energiya Global Capital is currently producing 59 megawatts; the production of [additional] 250 megawatts is already at an advanced development phase and the development of a further 1,500 megawatts is anchored in memoranda of understanding (MoUs).

“Solar energy allows many states the world over to significantly improve the quality of life of their residents by lowering the cost of electricity production and responding to increasing demands within a short time,” says [Arava’s co-founder and Vice-Chairman] David Rosenblatt, who is [also] co-founder of Energiya Global Capital. “In a great number of countries there is shortage of electricity, while demands are soaring. From a business point of view, the global opportunities are infinite.”

By the second quarter of 2013, the company plans to launch new projects in Rwanda, the Galapagos Islands and Romania.

“I have returned recently from a tour of Africa, which focused on renewable energies. They are deeply impressed there by the Israeli innovation and they are most interested in entering into joint projects with Israeli solar companies,” says Dorit Bennet, co-chairperson of the Eilat-Eilot Renewable Energy Conference. “We believe that companies from Israel and Africa can collaborate to find the optimal solution for the implementation of sustainable energy.”

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