JERUSALEM (JTA) — The founders of Israel’s Arava Power Company officially launched a company to develop solar fields outside of Israel.
The new venture, backed by more than $800 million in conditional financing, has been named Energiya Global Capital. The financing comes from multilateral companies, commercial banks and the U.S. government.
“Our goal is to deploy $20 billion by 2020 to build 10,000 megawatts and supply green energy to 50 million people, mostly in developing countries,” said Yosef Abramowitz, Arava’s president and co-founder. “We have a moral and strategic interest to end the burning of oil for electricity production worldwide by harnessing solar energy while also improving the lives of tens of millions of people.”
The company is set to break ground in Rwanda, the Galapagos Islands and Romania by the second quarter of 2013.