Regions

The partnership of Shikun and Binui Renewable Energy and Abenoga SA's subsidiary, called Negev Energy, won a tender to operate and construct solar powered plants in the southern regions of Israel.

Negev Energy will start the building of its 121-megawatt Ashalim facility soon and will finish its construction during the second half of 2017. The solar plant will sell power at an amount of 0.76 shekel per kilowatt hour. The growth of the company is in line with Israel's drive to expand its solar industry amidst the increasing demand in electricity in the country. Israel recently said that its fossil fuel supply is depleting.

The cost of the expansion is $1.1 billion, said Shikun and Binui Renewable Energy during a separate stock exchange filing.

In 2012, Israel installed 41 megawatts which appended the country's capacity to an estimated 226 megawatts. The country has plans to source a tenth of its power from renewable energy sources, according to Bloomberg New Energy Finance data.