A US$250 million loan for a concentrating solar power (CSP) plant in Israel has been approved by the Overseas Private Investment Corporation (OPIC), a US government development finance group.
OPIC’s directors approved the loan to the 110MW Nagev Energy-Ashalim plant, the first funding it has granted to a CSP project.
“This project advances one of OPIC’s key strategic priorities to support the development of renewable resources, and also uses an innovative solar technology,” said Elizabeth Littlefield, president and CEO, OPIC.
“The concentrated solar power design used for this plant is exciting, cutting-edge technology that can dramatically increase power generation. This is a project that shows how to provide a tremendously effective source of clean energy in a region dependent on fossil fuel,” added Littlefield.
The site in the Nagev desert will employ hundreds during construction and will support 100 skilled and unskilled jobs during operation.
Abengoa is partnering on the project, which will use its trough technology.