Greensol's local development expertise in Israel and Recurrent Energy's global experience in the financing and engineering of distributed PV power plants, including projects such as 4.8 MW in Barcelona and Madrid, Spain, 60 MW in Northern California, US, 50 MW in Southern California, US, and 177 MW in Ontario, Canada, will provide commercial and industrial building land owners in Israel with the option to lease out and utilize their unused rooftop or land as sites for solar power systems.

"This joint development agreement with Greensol marks Recurrent Energy's entry into the fast growing Israeli solar power market," said Karl Knight, Managing Director of International Development at Recurrent Energy. "With attractive solar resources and many of the attributes of European solar programs, Israel has significant potential for projects."

Under the terms of the agreement, Greensol will pursue opportunities to develop ground-mount and rooftop-based solar power projects on government, kibbutz and privately-owned land across Israel. Recurrent Energy will finance, own and operate the solar power systems once contracts are in place.

The renewable electricity generated by the distributed power plants will be fed back into the local utility grid, for which Recurrent Energy will be paid a feed-in tariff in accordance with Israeli renewable energy policy.

Recurrent Energy and Greensol are committed to working together on the first 50 MW of joint projects secured over three years. Details on equipment providers, specific locations, financial details and economic impacts are not available at this time.

"The Recurrent Energy team's experience in rooftop and ground distributed-scale solar power projects enhances our ability to develop projects under the Israel medium-sized solar tariff," said Shlomo Ariel, CEO, Greensol. "Our joint development agreement will accelerate the realization of our pipeline."

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