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Bank Hapoalim will provide financing in the amount of 145 million dollars for a project in Texas - voila! Of money

2023-02-08T05:38:24.642Z


As part of Bank Hapoalim's business strategy to support the transition to a low-carbon economy and promote the field of renewable energies, the bank will provide financing for the construction of the mega project


Bank Hapoalim (Photo: ShutterStock)

Over the years, Bank Hapoalim has been leading the field of financing green projects in Israel as part of its business strategy to support the transition to a low-carbon economy and promote the field of renewable energies.

In recent days, the bank has completed financial closure for the financing of a photovoltaic project in Texas, USA, together with other leading entities in Israel and the world.

Bank Hapoalim will provide financing in the amount of approximately 145 million dollars for the construction of the project (Photo: ShutterStock)

As part of the transaction, Bank Hapoalim will provide financing in the amount of approximately 145 million dollars for the construction of the project.

The move was carried out in a synergistic cooperation that combines skills and professional experience gained over the years in the field of infrastructure financing in general and in the field of renewable energy in particular, in the project and infrastructure financing sector of the business division, alongside the identification of potential and its realization by the bank's New York branch (BHI).

This is a photovoltaic mega project by Israeli standards, in an area of ​​7,600 dunams with a production capacity of 200 megawatts and a total cost of 325 million dollars.



Bank Hapoalim's pioneering in the field of green financing was also reflected in the issuance of the first green COCO bond in Israel. As a reminder, in October 2021 Bank Hapoalim raised approximately one billion dollars through green COCO bonds in which it committed to invest and finance the same amount in projects that promote a green environment in the fields of renewable energies, transportation Clean, green construction, waste treatment and energy efficiency.

This transaction is a groundbreaking move that is expected to lead to the financing of additional transactions in the field of renewable energies in the US.



This transaction joins a series of financing transactions that the bank has led in recent years in the field of ESG and illustrates the bank's leadership in this field in the financial system:



In the field of financing renewable energy projects - at the beginning of the previous decade, the bank was the pioneer in financing the Katora Sun photovoltaic project, and as a result, hundreds of other projects with a production volume of hundreds of megawatts were financed.

In the middle of the previous decade, the bank was the first to finance the first wind farm in Israel, the Sirin - Gilboa project, followed by two other large projects in the Golan Heights - the Emek HaBaka wind farm and the Bereshit wind farm - with a cumulative scope of over 300 megawatts.

In addition, the bank is leading the financing of the storage project drawn from the Star of the Jordan, a facility for the efficient storage and management of the electricity network in the scope of 340 megawatts.



In the field of transportation (mass transit) - the bank organized and financed the first light rail project Citypass in Jerusalem.

Later, the bank organized and financed the Kafir light rail project (J-Net) in Jerusalem, which includes the extension to double the length of the red line and the addition of the green line.

These days the bank is working on the financial closure of the light rail project on the green line in Tel Aviv.



In the area of ​​waste recycling - the bank organizes and finances the Zero Waste project, a facility for receiving and treating waste in the amount of 1,000 tons per day, while recycling raw materials and creating green energy using the biogas method.

The bank also supports dozens of green construction projects throughout the country.



Lior Mentzer, manager of the project financing and syndication sector in Bank Hapoalim's business division: "We are proud to lead the financing of renewable energies. The deal is a significant first step towards further transactions in the field of renewable energies - in which the bank sees significant value. The commitment to increase financing for green projects is part of a strategy Bank Hapoalim's long-term ESG, and this move constitutes another step on the way to its realization while creating a significant advantage for us in the international market for financing other similar transactions."

In cooperation with Bank Hapoalim

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Source: walla

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