Siemens invests $ 15 million in Israeli solar company Arava Power

Together with renowned partners, Siemens Project Ventures (SPV) has with equity capital contributions been involved worldwide in the development of infrastructure projects, particularly in the energy, transport and telecommunication sectors. SPV has already participated in the development of 11 international power plant projects with an overall capacity of more than 7.000 MW as well as in three telecommunication projects, two medical centers and an airport, with a cumulative project volume of 7 billion USD. SPV is a Group company of Siemens Financial Services GmbH (SFS), an international provider of financial solutions in the business-to-business area. With about 1,900 employees and an international network of financial companies coordinated by Siemens Financial Services GmbH, Munich, we support Siemens as well as non-affiliated companies, focusing on the three sectors of energy, industry and healthcare. We finance infrastructure, equipment and working capital and act as a competent manager of financial risks within Siemens. By leveraging our financing expertise and our industrial know-how we create value for our customers and help them strengthen their competitiveness. For further information see: www.siemens.com/finance.

The Arava Power Company Ltd. (APC), formed in 2006, is Israel’s leading solar developer.  Founded by a group of visionaries at Kibbutz Ketura, APC seeks to supply 10% of Israel’s electricity needs with the development of solar energy plants with Kibbutzim, Moshavim and other land owners, especially in the south of Israel.  APC is a pioneer in Solar Power in Israel with agreements with land owners and is the first and only solar developer in Israel with a commercial solar license, appropriately-zoned land and a building permit to construct a solar field. The company is owned by Global Sun Partners a partnership with Kibbutz Ketura and American Investors led by the company President Yosef Abramowitz. The chairman is Ed Hofland and the Vice Chairman is David Rosenblatt, and the three are founders of Arava Power. More information on Arava Power is available at www.aravapower.com.

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