Israel Aerospace Industries will set up a €43m joint venture with a foreign company to develop, manufacture, set up, and license wind turbines for the production of electricity. Each turbine will have three megawatt capacity, and can be installed on land or at sea. IAI and its partner, whose name the company did not disclose, will own the joint venture in equal shares.
The companies will set up two wind farms as a pilot program to test the turbines, after a three-year development program. IAI plans to enter the renewable energy business, where it has never operated before, in the coming years. The state-owned company, which has focused on aerospace products for the military and civilian markets, is also developing next-generation land warfare systems.