Canadian Solar announced that a wholly owned subsidiary of the Company and a few subsidiaries of Menora Mivtachim Holdings Ltd. 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’sfinancial strength and credibility to create an industry leader in the local market,” said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.