Megalim Solar Power, a joint venture between Alstom, BrightSource and NOY Infrastructure & Energy Investment Fund, has obtained the funding for the project from the European Investment Bank and Israel’s Bank Hapoalim.
Alstom and BrightSource each own 25.05% stake in Megalim Solar Power while the remaining 49.9% is held by NOY Infrastructure & Energy Investment Fund.
The Ashalim project will cover 3.15km² area in the Negev desert and will generate enough electricity for over 120,000 homes in the area.
Alstom’s share in the contract is worth around €450m and the company will provide engineering, procurement and construction services as well as handle full operations and maintenance activities for 25 years.
BrightSource will deliver heliostats and optical concentrating devices for the project, which is expected to be finished in early 2017.
The facility will feature BrightSource’s concentrating solar power tower technology, similar to that used at the Ivanpah project in Southern California, US.
Alstom Renewable Power President Jérôme Pécresse said the project paves the way to provide cost-efficient and reliable carbon-free power to customers.
"The project is a further step in our partnership with BrightSource and our first success together in the solar thermal power market," Pécresse added.
In November 2013, Magalim signed a power-purchase agreement with the Israeli Government, which will acquire ownership of the project after 28 years.
Image: Aerial view of Ivanpah solar power plant in South California US. Photo: Courtesy of BrightSource, Mingasson.
