Alstom seals $610m Israeli finance

Alstom has confirmed reached financial close on €450m ($610m) for its 121MW Ashalim concentrating solar power (CSP) plant in Israel.

The funding will come from the European Investment Bank and Israel's largest bank, Hapoalim.

The financing was obtained through Megalim Solar Power,a joint venture between Alstom, which has a 25% stake, US-based BrightSource (25%) and the Noy Infrastructure and Energy Fund (50%).

Located in the Negev Desert, Ashalim will supply more than 120,000 homes in the area and employ about 1,000 local people.

Magalim signed a power-purchase agreement (PPA) last November with the Israeli government, which will assume ownership of the project after 28 years.

Alstom will be responsible for EPC services and will provide full O&M for 25 years.

Ashalim is due to be completed in early 2017, using BrightSource's CSP tower technology, similar to that used at Ivanpah in southern California.