Noy Fund and financers Migdal Insurance Company, Bank Hapoalim and Amitim, have offered a total of NIS400m ($104m) for five solar projects with 35MW capacity to be built in the Negev Desert.
The projects, which are expected to be worth NIS500m ($130m), will be delivered by Siemens Israel, and Keren Kayemeth LeYisrael, which has an ownership stake in Arava Power Company will also offer additional investment.
Arava Power Company co-founder and vice chairman David Rosenblatt said financial close on the five projects was made possible after each received a provisional license from the Public Utilities Authority and signed a Power Purchase Agreement with the Israel Electric Company.
"Arava Power Company estimates that construction on the first of the five fields will begin within a few months," he added.
The other three solar projects, totaling 23MW, will be built in the Kibbutz communities of Kerem Shalom, Mishmar HaNegev, and Bror Hail at a cost of NIS280m ($73m).
The projects will be developed in partnership with EDF Israel, the Renewable Energy branch of the French operator EDF and Bank Hapoalim will fund 80% of the project cost.
