Financing agreement signed for Israeli power plant at desalination facility
Representatives of Israel’s Accountant General at the Ministry of Finance, IPP Ashkelon Fuel and Bank Leumi have signed an agreement to finance the construction of a power plant at the desalination facility in Ashkelon, to be built by the VID Company with a projected annual output of 100 million square meters of fuel. The plant will be constructed at an overall cost of 320 million Israeli shekels ($72 million)
The power plant, which is part of the desalination project, is the first private plant in Israel that will run on natural gas. The natural gas method is characterized by a range of significant features, such as lower electricity production costs and reduced air pollution levels compared with alternative methods.
The power plant in Ashkelon is the second private power plant that supplies electricity to other consumers and to the Israel Electric Corporation. The planned alignment of the gas pipeline along the country's coast will facilitate the establishment of private power plants that operate using this method.
The construction of the power plant which will be located adjacent to the desalination plant will facilitate cooperation between the electricity producer that produces electricity at competitive prices and the electricity consumer that uses a fixed amount of electricity every day of the year. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
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