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Abengoa Achieves Financial Closure For 110 MW CSP Project In Israel

One of Israel’s largest concentrated solar power project is now one step closer to commissioning, after its developers announced financial closure for the project.

Project developer Abengoa has achieved financial closure for the 110 MW Ashalim concentrated solar power project, which they will construct in partnership with Israeli global infrastructure group Shikun & Binui.

The developers of the project secured finance from the project from various institutional financial agencies, including Overseas Private Investment Corporation and the European Investment Bank. Israeli commercial banks, including Bank Leumi and Bank Hapoalim, also provided finance to the project.

The project is expected to be commissioned by mid-July 2015 and will be one of the largest solar power projects in Israel. The project will use parabolic trough reflector technology, and will generate enough electricity to power more than 69,000 households and offset greenhouse gas emissions equivalent to 463,000 tonnes of CO2. The project will also have 4.5 hours worth of thermal energy storage system using molten salts, and will be located in the Western Negev Desert in Israel, 35 km south of the city of Beer Sheva.

The Negev Desert will be home to several landmark solar power projects. BrightSource Energy and Alstom are working on a 121 MW solar thermal power project based on solar power tower technology in the Negev Desert. The project is expected to be commissioned in 2017, and is one of the three projects selected under Israel’s Ashalim region 250MW tender announced in 2008, which is made up of two solar thermal plants and one photovoltaic plant. When commissioned, the projects are expected to generate 2% of Israel’s total installed capacity and will help move the country towards their goal of generating 10% of its total energy from renewable energy sources by 2020.

 
 
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Written By

Smiti works as a senior solar engineer at a reputed engineering and management consultancy. She has conducted due diligence of several solar PV projects in India and Southeast Asia. She has keen interest in renewable energy, green buildings, environmental sustainability, and biofuels. She currently resides in New Delhi, India.

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