Shikun & Binui Ltd. (Ramat Gan, Israel), a global construction and infrastructure company, on April 25th,
2016 announced that it has signed an agreement under which the Noy Fund
and the TSK Group will replace Abengoa for the building of the NIS 4B
Ashalim concentrating solar power (CSP) plant in Israel.
The total cost of the Ashalim Power Station
will be approximately USD 1.1 billion. The plant is expected to have a
total generating capacity of 110 MW, making it one of the largest
thermo-solar power plants globally. All of the electricity will be sold
to the Israel Electric Company under a 25-year agreement that begins as
soon as the plant becomes operational.
Shikun & Binui will continue to hold 50% of the
Concessionaire, while the remaining 50% will be held by the Noy Fund and
the TSK Group, with 40% held by the Noy Fund and 10% by the TSK Group.
In addition, the TSK Group will hold 32.5% of the
CSP project's Building Contractor. TSK is a global group with
significant experience in the building and operation of large
engineering and infrastructure projects, and is a world leader in the
field of thermo-solar energy installations. Based on the agreement,
Shikun & Binui's holdings in the project's General Contractor will
increase to 67.5%.
Abengoa will continue to serve as one of the project's sub-contractors
Both the Noy Fund and the TSK Group will assume,
each according to its relative holding, all of the rights and
responsibilities previously borne by Abengoa (as defined in the
project's agreements, including the Financial Closing Agreement) as a
shareholder in the Concessionaire, the Building Contractor and the
Operating Contractor. Abengoa will continue to serve as one of the
project's sub-contractors in a limited capacity.
Completion of the deal is contingent upon receipt of the required approvals from the Israeli government and financing entities.
As previously reported, the CSP project will
continue to move ahead in line with its original timetable with
completion expected in 2018, as initially planned.
The project has been financed by a consortium of
Israeli and international banks, including the American Overseas Private
Investment Corporation (OPIC), the European Investment Bank
(EIB), Israel's Bank Leumi and Israel's Bank Hapoalim.
The CSP plant will employ some of the world's most
advanced technologies, including an energy storage facility that will
enable electricity production to continue uninterrupted even during
cloudy days and at night.
source: http://www.solarserver.com
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