Siemens AG (SI) recently bought a 40% stake in Israel-based Areva Power Co. for $15 million. Areva develops, builds and operates photovoltaic plants. This is another significant step in strengthening green and sustainable technology initiative by Siemens. Due to intensive sunlight and steadily growing demand for energy, Israel is an ideal location for developing solar energy business.

It will now be possible for Siemens to build Israel’s first commercial solar farm in the region between the Dead Sea and the Red Sea. The company will handle project management including engineering and construction of the photovoltaic plants. It has signed a framework agreement to build plants with a total output of 40 megawatts (MW). The first project will be construction of a plant with an output of up to 4.9 MW at Kibbutz Ketura, in the southern desert of Israel.

Areva Power was founded in 2006 and is headquartered

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