Megalim Solar Gets $820 Million for 121-Megawatt Plant in Israel

Megalim Solar Power Ltd., a partnership among BrightSource Energy Inc. (BRSE), France’s Alstom SA (ALO) and Noy Infrastructure & Energy Fund, has raised 2.8 billion shekels ($820 million) for a 121-megawatt solar-thermal plant in Israel.

The project in Ashalim is expected to begin generating electricity in 2017, Jennifer Z. Rigney, a spokeswoman for Oakland, California-based BrightSource, said today in an e-mail. Noy is providing equity. No other details on the financing were available, Rigney said.

In combination with another solar plant, the Megalim facility in the Negev Desert will provide about 1 percent of the nation’s electricity. Israel is seeking to generate 10 percent of its energy from renewable sources by 2020.

Solar-thermal power, or concentrated solar, plants use mirrors that focus sunlight to produce steam and power turbines.

To contact the reporter on this story: Justin Doom in New York at jdoom1@bloomberg.net

To contact the editors responsible for this story: Reed Landberg at landberg@bloomberg.net Carlos Caminada, Robin Saponar

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