French engineering services provider Alstom has announced financial closure for 121MW Ashalim thermal solar power station in Israel.

The funding for the project will be provided by European Investment Bank and the Bank Hapoalim through Megalim Solar Power, a special purpose company formed by Alstom, BrightSource and NOY Infrastructure & Energy Investment Fund.

Alstom and BrightSource each own 25.05% interest in Megalim Solar Power while the remaining 49.9% stake is held by NOY Infrastructure & Energy Investment Fund.

Located on 1.22 square miles in the Negev desert, the solar plant will generate enough power to meet the electricity needs of more than 120,000 homes in the region. The financial closure will allow the company to commence the construction work and is set to be completed in early 2017. Alstom’s share in the contract is valued at about €450 million.

Under the terms of the contract, Alstom will provide engineering, procurement and construction services for the solar power plant and will also undertake full operations and maintenance activities of the plant for a period of 25 years. BrightSource will supply heliostats and optical concentrating devices for the plant.

Alstom renewable power president Jérôme Pécresse said: "The project is a further step in our partnership with BrightSource and our first success together in the solar thermal power market. It paves the way to provide cost-efficient and reliable carbon-free power to our customers.

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"This project reinforces solar thermal power’s position in Alstom’s strategy, as the desert and the sun can support sustainable growth," added Pécresse.

Energy