Israel's Sorek Power Plant Secures $1.3 Billion in Project Financing
Translated & summarized from NEWSru Israel by baba
Edeltech Group, Menora Mivtachim, and Keystone secured 4.8 billion shekels in financing for the 5.6 billion shekel Sorek power station project, vital for the Gush Dan region. Construction permits were issued Monday, with operations expected to start in November 2029. The plant will use natural gas from Energean and be built by Israeli contractors.
The story in 6 lines · by baba
- Financing of 4.8 billion shekels secured for the Sorek power station project.
- The Sorek power station is considered vital for the energy supply of the Gush Dan region.
- The project is expected to cost 5.6 billion shekels and begin operations in November 2029.
- Edeltech and Menora will operate the station for nearly 25 years.
- The plant will use natural gas from Energean under a 15-year contract.
- Construction will be handled by Israeli contractors to reduce foreign dependency.
A consortium including Edeltech Group, Menora Mivtachim insurance company, and Keystone has secured financing totaling 4.8 billion shekels (approximately $1.3 billion) for the construction of the Sorek power station. The project, estimated to cost 5.6 billion shekels, is considered crucial for the energy supply of the Gush Dan region. Construction permits were granted on Monday, and the station is slated to begin operations in November 2029. Edeltech and Menora won the tender for the project in December 2024 and will operate the facility for nearly 25 years before it transfers to state ownership. Keystone is contributing about 40% of the project's equity as a loan, with the potential to convert it into a stake in the concessionaire, pending regulatory approval. Regulators have previously expressed concerns about Keystone and Edeltech's significant market share in electricity generation. The power plant will be built adjacent to the Sorek desalination facilities and will utilize natural gas supplied by Energean under a 15-year, $1.4 billion contract. While its total capacity will be around 850 MW, only 670 MW will be compensated until 2035 due to grid limitations. The construction will be carried out by Israeli contractors, a move intended to reduce reliance on foreign firms during periods of heightened tension.
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