IEC hands over Hagit-East power plant to new owners
The Israel Electric Company (“IEC”) has successfully handed over the Hagit -East power plant to the consortium of new owners, Shikun & Binui Energy and Edeltech.
The sale of the 660MW East Hagit Power Plant is part of the 2018 electric grid reform in which government-owned Israel Electric Corp. is relinquishing its electricity production monopoly.
The Hagit power station is near the Elyakim Interchange between Zikhron Yaakov and Yokneam and has a capacity to produce 1,400 megawatt. In the tender, 660 megawatt of the production capacity was sold.
Having won the tender in December 2021, the power station was handed over in June.
The NIS 1.7 billion credit facilities were provided by a syndicate arranged by IDB – Israel Discount Bank with the participation of the First International Bank of Israel and Menora Mivtachim Group.
Herzog Fox & Neeman advised the IEC, while EBN acted for Shikun & Binui Energy and Edeltech, with advice provided by a team including Yaron Cohen, Mor Albojm, Oren Tal and Shada Samara.
