Siemens seeks major stake in Israeli solar energy company

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Siemens AG is currently working on an agreement to acquire 20% of Arava Power Company, one of the tope three solar integrators in Israel. Currently, Kibbutz Ketura owns 40% of the company and a group US investors led by Arava Power president Yosef Abramowitz own the other 60%.

Talks are still in early stages, but because Arava Power has cooperation agreements with 20 moshavim and kibbutzim (small land cooperatives) in the Negev, it is a popular target for foreign solar energy companies, such as AES Corporation and Sun Edison LLC. Industry sources indicate that Siemens’ intentions go beyond a financial investment, as the company would also like to supply equipment for the planned solar power field in the Kibbutz Ketura.

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