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Sorek Desalination: IDE’s hat trick
23 June 2011
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[Sorek]
[desalination]
[IDE]
[Hutchison]
IDE Technologies and Hutchison Water International signed the $400 million debt financing for the Sorek reverse osmosis water desalination project on 23 May 2011. Sorek is the fourth and largest desalination project to close financing in Israel, and IDE’s third in its home market.
The financing, with a group of Israeli lenders and the European Investment Bank, highlights a turn inward for the country’s infrastructure sector, after a pre-crunch period in which international banks had pursued deals aggressively. IDE’s last Israeli desalination deal, the $455 million Hadera plant, raised Eu191 million of commercial debt from BES and Calyon at margins starting at 110bp over Euribor.
Hadera was a 50/50 joint venture between IDE and Housing & Construction, but for Sorek, H&C formed a joint venture with Shafir, and Veolia with Tahal made up the third bidding group. IDE, with 51% of the project’s equity, and Hutchison, with 49%, were named...
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