Megalim Solar Power holds a ceremony for laying the cornerstone of the western Negev’s Ashalim solar project, one of the largest of its kind in the world.
The field is expected to feed 320 GWh of electricity annually into Israel’s grid when it is completed in 2017. The project costs are in excess of NIS 3 billion ($800 million), with 80% of the funding provided by an Israeli banking syndicate led by Bank Hapoalim and the European Investment Bank.
The new power facility is part of the Ashalim solar complex, which includes two solar-thermal projects and one photovoltaic project. In total, these facilities are expected to produce about 2% of Israel’s electricity production capacity. They will support the country’s commitment to obtain 10% of the country’s electricity production from renewable sources by 2020.