Megalim Solar Gets $820 Million for 121-Megawatt Plant in Israel

Jun 26, 2014 3:14 pm ET

June 26 (Bloomberg) -- Megalim Solar Power Ltd., a partnership among BrightSource Energy Inc., France’s Alstom SA and Noy Infrastructure & Energy Fund, has raised 2.8 billion shekels ($820 million) for a 121-megawatt solar-thermal plant in Israel.

The project in Ashalim is expected to begin generating electricity in 2017, Jennifer Z. Rigney, a spokeswoman for Oakland, California-based BrightSource, said today in an e-mail. Noy is providing equity. No other details on the financing were available, Rigney said.

In combination with another solar plant, the Megalim facility in the Negev Desert will provide about 1 percent of the nation’s electricity. Israel is seeking to generate 10 percent of its energy from renewable sources by 2020.

Solar-thermal power, or concentrated solar, plants use mirrors that focus sunlight to produce steam and power turbines.