More solar power could help bring down the cost of living in Israel. Credit: Andreas Gücklhorn on Unsplash.

Infrastructure and real estate company Shikun & Binui has announced the start of operations at the Negev Energy Thermo-Solar power plant in Ashalim, Israel.

Built with an investment of approximately $1bn, Negev Energy Thermo-Solar power plant will deliver energy to Israel’s National Grid every day. According to the company, the facility will be capable of meeting power requirements of nearly 70,000 households in the region.

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The plant is owned by solar energy company Negev Energy, which is jointly owned by Shikun & Binui Energy (50%), the Noy Infrastructure Fund (40%) and the Spanish firm TSK (10%).

Negev Energy won the government tender in 2013.

“This project is an excellent example of a successful cooperation between Israel’s private and public sectors.”

It also signed a 25-year concession agreement to plan, finance, build, operate and maintain the thermo-solar electric generation plant.

Shikun & Binui COO and Negev Energy CEO Didi Paz said: “Negev Energy and the project owners today demonstrated their exceptional capabilities with the completion of one of the most challenging projects ever attempted in Israel, both from a technological, engineering and financial point of view.

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“This project is an excellent example of a successful cooperation between Israel’s private and public sectors.”

The plant features nearly 16,000 parabolic troughs, half a million concave mirrors and molten salt energy storage system.

The mirrors and troughs transform solar energy into steam to propel the electricity-generating turbines.

The molten salt energy storage system allows a supply of electricity at full capacity for 4.5 additional hours a day post sunset.