Canadian Solar has
announced that a wholly owned subsidiary of the Company and a few subsidiaries
of Menora Mivtachim Holdings Ltd. ("Menora Mivtachim"), one of
Israel's five largest insurance and finance groups, 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's financial strength and credibility to create an industry leader in
the local market," said Dr. Shawn Qu, Chairman and Chief Executive Officer
of Canadian Solar.
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