Dan Capital will purchase the Sorek 1 desalination plant from IDE for more than NIS 540 million

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by Ifi Reporter Category:Agriculture Oct 7, 2018

Dan Capital, the infrastructure company of the Dan bus company, will purchase the Sorek 1 desalination plant from IDE, which is owned by Alpha Partners (50%) and Delek (50%). Sources close to the deal said the deal was signed at the end of the week and the price of the facility would be NIS 540 million.
The sale of Sorek 1 by IDE will enable the company to compete in the construction of Soreq 2, the largest of its kind in the world, and will desalinate 200 million cubic meters of water a year. The Sorek 1 desalination plant desalinates 150 million cubic meters.
This is Dan's second investment in infrastructure projects after it bought the desalination plant in Netanya from Electra in June in a deal estimated at NIS 100 million.
The Ministry of Energy and the Water Authority are promoting the construction of two desalination plants in light of the drought that lasted five years and the expectation of a drought in the near term. According to forecasts, the current year will be an ordinary year sediments. The second facility is to be built in the Western Galilee and will be desalinated 100 million cubic meters.
Dan Transport confirmed the details of the deal. Dan believes the deal will make it a major player in the water sector as part of its strategy in recent years to diversify its business operations. The deal was led by Ophir Karni, CEO of Dan Capital and CFO of the group.
 This transaction is a direct continuation of the implementation of the business strategy we have been leading in recent years. Investment in desalination is expected to yield an excess return to the group's shareholders, "said Dan Raphael, chairman of Dan, and Ofer Zilbiger, the company's CEO.
Dan is a partner in three of the five already active desalination plants. At the same time, IDE will commit itself to sell its holdings in the desalination facility it operates, as agreed at the end of negotiations between the company and a government team that included Antitrust Commissioner Michal Halperin.

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