At 5.6 billion shekels: Sorek power station closes financing

Edeltech, Menora, and Keystone have completed the financial closing for the construction of a new power station in Sorek at a cost of 5.6 billion shekels. The station, with a capacity of 870 megawatts, will supply electricity to the Gush Dan region and is expected to begin operations in November 2029. The financing was led by Mizrahi Tefahot and Leumi.

The group led by Edeltech, Menora, and infrastructure fund Keystone has completed the financial closing for the construction of a new power station near the Sorek desalination plant, at a cost of approximately 5.6 billion shekels. The station, with a capacity of 870 megawatts, is expected to begin operations in November 2029 and supply electricity to the Gush Dan region. The financing was led by Mizrahi Tefahot Bank and Leumi Bank. The group won the tender in December 2024, signed an agreement to purchase a turbine from Siemens at the end of 2025, and an agreement to purchase gas from Energian for 15 years at about 1.4 billion dollars. Due to concerns about the commitment of foreign contractors amid the geopolitical situation, the developers will establish a dedicated partnership and also serve as executing contractors. The station will receive availability payments for only 670 megawatts, at a rate of 3.18 agorot per kilowatt, lower than other stations in the current wave.