Financing secured for Ashalim solar thermal plant

• 9 years ago (2014-07-09)
• Junior Isles

Europe 1061 Middle East 311 Renewables 752

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Megalim Solar Power Ltd (Megalim) – a special purpose company formed by Alstom (25.05 per cent), BrightSource (25.05 per cent), and NOY Infrastructure & Energy Investment Fund (49.9 per cent) – has secured financing from the European Investment Bank and the Bank Hapoalim for the construction and operation of the Ashalim Thermal Solar Power Station in Israel. The financing will allow the start of construction works on the project, which is scheduled to be completed in early 2017.

The Ashalim project will combine Alstom’s experience in the field of turnkey power plants and key power equipment, such as steam turbines and solar receiver steam generators, with BrightSource’s advanced solar field technology.

Alstom will be responsible for the engineering, the procurement and the construction (EPC) of the solar power station and will also provide full operations and maintenance (O&M) activities for a period of 25 years. Alstom’s share in the contract is worth approximately €450 million.

BrightSource will supply heliostats and optical concentrating devices.

“The project is a further step in our partnership with BrightSource and our first success together in the solar thermal power market. It paves the way to provide cost-efficient and reliable carbon-free power to our customers ” said Jérôme Pécresse, Alstom Renewable Power President.

Located on a 3.15 square km (1.22 square miles) in the Negev desert, the Ashalim 121 MW solar plant will generate enough power to meet the electricity needs of more than 120 000 homes.