Solar Energy Boom Gains Momentum in the Negev

Financing has been closed for the biggest solar energy project in Israel.

Bekat Arad Negev project credit: Bilktrick Israel

Major steps were taken yesterday as a huge solar energy project moved forward towards the production stage. In Israel, Rapac Energy and Mivtach Shamir unit Shamir Energy closed financing with Israel Discount Bank for the construction of Israel’s largest solar energy project, which will include a full gigawatt-hour of storage capacity.

Rapac Energy and Shamir Energy signed a financing agreement with the bank for NIS 800 million to build the large solar energy production facility in the Negev, on 1,400 dunams of land (350 acres) owned by a “large industrial company in the Negev” south of Beersheba. The facility will have a production capacity of 174 megawatts and will have a storage capacity of 974 megawatt-hours. The project will be 75% owned by Rapac and 25% owned by Shamir Energy.

Discount SVP business division head Hilla Eran Zick said, “Financing for this project, together with our leading partners, reflects our uncompromising commitment to creating a long-term positive impact on the environment and the development of the Negev.”

Rapac Energy CEO Itai Hagai added, “We are pleased to complete the financial close and launch the construction of the largest photovoltaic project in Israel, operating in the market regulation model in the transmission network. The project is based on an innovative dual-use solution that allows optimal utilization of the land resource and significantly shortens the schedule for connecting a facility of this scale to the grid.

Shamir Energy CEO Lior Farber said, “This is one of the largest and most advanced infrastructure projects ever seen in Israel, combining solar production with storage on a significant scale.”

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