The founders of Israeli solar provider Arava Power Company have established a new business to develop solar projects in emerging markets outside Israel.
Backed with US$800 million of conditional financing, Energiya Global Capital will focus primarily on developing countries, with projects already in the pipeline in Rwanda, Romania and the Galapagos Islands and due to break ground in 2013.
Yosef Abramowitz, Energiya’s President and co-founder, said the company’s goal was to spend $20 billion by 2020 on building 10,000MW of solar capacity and supplying green energy to 50 million people.
“We have a moral and strategic interest to end the burning of oil for electricity production worldwide by harnessing solar energy while also improving the lives of tens of millions of people,” he said.
Financing for the company has come from various sources, including the US government and commercial banks. All financing commitments are conditional, meaning they will only be activated once individual projects are given the go-ahead.
The company has 59MW of projects already under development, 250MW at an intermediate stage of development and memorandums of understanding for a further 1,500MW.