Israel’s Finance Ministry said on Thursday the consortium that will build a 2.8 billion shekel ($810 million), 121-megawatt Concentrated Solar Power (CSP) plant in the country’s Negev desert has completed the financing for the project.
The Concentrated Solar Power (CSP) plant, which the ministry said will be one of the largest of its kind, is expected to begin operation in the second half of 2017 and will be in addition to two other power stations to be built nearby – one also based on solar thermal technology and a photovoltaic one.
Together, the three stations will provide Israel with 1 percent of its national electricity needs with a total capacity of 270 megawatts.The government has set a target of producing 10 percent of electricity from renewable sources by 2020. The plant will be set up according to the build, operate and transfer (BOT) model, in which the Megalim Solar Power consortium will plan, finance, build, operate and maintain the plant for 28 years and then transfer the plant’s ownership to the Israeli government.
The consortium includes BrightSource – a maker of Concentrated Solar Power (CSP) – Alstom of France and the Noy Fund, an investor in infrastructure and energy projects.