Electra to Build $40 Million Switching Station for 800MW Kassem Power Plant Near Rosh HaAyin

Electra has been contracted to construct the main switching station for the Kassem power plant project near Rosh HaAyin, investing approximately 40 million euros (around 140 million shekels) in the facility. The switching station will connect the 800-megawatt combined cycle gas turbine (CCGT) power plant to Israel's national electricity grid. The plant, developed by Shamir Energy, is expected to begin commercial operations in the second half of 2029, with the switching station scheduled for completion and handover to the Israel Electric Corporation by the last quarter of 2028.

Electra will handle the design, procurement, construction, and commissioning of the switching station under a contract with the Spanish company Cobra, which specializes in electrical infrastructure and was engaged by Kassem Energy to build the facility. The station will connect to four 400-kilovolt transmission lines and is designed for future expansion with two additional lines and a future substation to step down voltage.

Shamir Energy, the energy arm of the Mivtach Shamir Group controlled by Meir Shamir, holds a 53% stake in Kassem Energy, the company building and operating the plant. Other partners include Kibbutz Givat Hashlosha (19%), businessmen Hazi Kugler and Alon Polishuk (joint 19%), and Clal Insurance (9%). The power plant construction began earlier this year after financial closure in late 2025, led by Bank Hapoalim and a consortium including Bank Mizrahi, Bank Leumi, and Meitav, providing 5 billion shekels in financing.

Siemens will supply the main equipment for the plant, while Kassem Energy signed gas supply agreements last year with Tamar and Energean partnerships. Electra’s involvement in the switching station adds to its recent energy sector projects totaling over half a billion shekels, including energy storage facilities for Future Energy, Gav Yam, and Meshak Energy.

At a recent economic conference, Electra CEO Itamar Deutscher emphasized the company’s focus on expanding its recurring revenue services in operations, maintenance, and service sectors, while contracting remains its core business. In Q1 2026, contracting accounted for 52% of Electra’s revenues (2 billion shekels out of 3.9 billion), returning to profitability despite challenges from the prolonged conflict starting October 7, 2023.