White & Case has advised European Investment Bank, Overseas Private Investment Corporation, Bank Leumi and Bank Hapoalim in the project financing of the $1 billion Negev Energy thermal solar power project.

Located in the Negev desert in Israel, the project will have a capacity of 121MW and is expected to be operational by the first half of 2018.

The financing consisted of approximately US$800 million equivalent of term loans in three currencies, a short-term interest rate hedging facility, and cost overrun and working capital facilities.

The project is sponsored by affiliates of Abengoa S.A. and Shikun & Binui Ltd and is being implemented under a concession program for renewable energy launched by the Israeli government.

The White & Case team was led by partner Ned Neaher (Washington D.C.) and included associates Anna Andreeva and Brian Schmelkin (Miami), as well as a London-based team consisting of partner Marc Polonsky and associates Laurence Coman and Rian Matthews.

The deal closed on July 16.