BETHLEHEM (Ma’an) — Jordan and Israel are planning to build on a large solar thermal power plant on their border, Israeli press said Monday.

The power plant is designed to start producing 50-150 mega watt in 2016, and cost an estimated $300 – 600 million, the Hebrew daily Maariv reported.

Israel’s Ministry of Regional Cooperation is looking for government funds to support the project, which it views as a boost to economic cooperation and development of the border area, the report said.

Jordan has principally approved the project, and the next step is feasibility studies in terms of planning, environmental impacts, infrastructures and organizational arrangements.

The largest portion of the plant will be built on Jordanian lands for reasons of feasibility, Maariv added.

The project was initiated by two Israeli entrepreneurs, and was promoted by Israeli company Green Energy Ayala. The company Siemens will execute the project which will receive funding from different sources, according to the report.