Canadian Solar has partnered with Israeli insurance and finance group Menora Mivachim in an effort to raise US$60 million to finance solar projects in Israel.
The partnership will fund solar projects that were awarded by Israeli Electricity Authority under solar power tender and for other solar projects to be developed within the joint venture.
Dr. Shawn Qu, chairman of Canadian Solar, said the partnership is a milestone for Canadian Solar in a growing solar market.
The funding will be used for development, construction and ownership with each company contributing equal amounts.
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