Ashalim 231MW thermo-solar power plant

Overview:

• The Ashalim project is a thermosolar power station being developed on two plots at Ashalim in Israel in the Negev Desert on a BOT (build–operate–transfer) basis.
• Announced in 2008, the Ashalim tender includes two concessions which comprise two CSP (concentrated solar power) power plants and one photovoltaic (PV).
• When complete, Ashalim will be the largest renewable energy producing facility in Israel and the the fifth largest in the world. 
• Plot A will have a CSV plant with a capacity of 110MW and has a projected cost of around NIS3 billion.
• Plot B will have a CSV plant with a capacity of 121MW and a 35MW PV plant, and has a projected cost of around NIS2.8 billion.
• The concession for Plot A was awarded to the Negev Energy consortium (jointly owned by Shinkun & Binui and Abengoa). 
• When Spanish group Abengoa went into to insolvency, Noy Fund and TSK Group replaced it, taking 40% and 10% stakes in the project company respectively. 
• The concession for Plot B was awarded to the Megalim consortium, which is owned by Noy Fund (49.9%), BrightSource (25.05%), and GE Renewable Energy (25.05%).
• Plot 
• A total of $1.1 billion has been borrowed to finance plot A: $250 million was provided by OPIC, $151 million was provided by EIB, and the remainder came from syndicated loans where Bank Lemui and Bank Hapoalim were lead arrangers. 
• The European Investment Bank and Bank Hapoalim reached financial close on an $820 million financing for plot B in July 2015.  
• Both plots are scheduled to be operational before the end of 2017.
• Israel has a target of producing 10% of the energy it consumes from renewable sources by 2020, and 17% by 2030.   

Ben Naylor - Regional editor