Solar Millennium Creates Project Development Subsidiary in Israel

Solar Millennium has founded a new local project development subsidiary in Israel

The company, headquartered in Tel Aviv, will operate under the name of Solar Millennium Israel and develop solar thermal power plants locally.

Together with its partners, Solar Millennium is participating in tendering procedures for two solar thermal power plants with a capacity between 80MW and 125MW each in Israel.

Subject of the tenders that have not been completed as yet is the construction of predefined power plants. The new company, in contrast, will develop its own projects. This means it will secure land, obtain permissions and negotiate power purchase agreements.

Solar Millennium owns 75% of shares in the newly founded Israeli development subsidiary. The remaining 25% are held by the Israeli entrepreneur Alon Beer, who is already involved in the fields of infrastructure and energy and will take over the management of Solar Millennium Israel.

Christian Beltle, CEO of Solar Millennium, said: "Israel is planning to establish solar thermal power plants with a total capacity between 4GW and 6GW within the next 10 years and to create the respective framework conditions. Our aim is to gain a market share of about 25%.

"Therefore, we are striving to get an early foothold in the market to be able to start developing solar thermal power plants in time. We are planning to live up to our role as pioneer in Israel as well and intend to contribute to the country's sustainable and independent energy supply by means of solar energy."