Clal Insurance Enterprise Holdings (TASE: CLIS) is buying an 8% stake in Kesem power station, currently under construction near Rosh Ha’ayin, a source has told "Globes." Clal will pay NIS 200 million for the stake.
The main partner in the construction is Shamir Energy, controlled by Meir Shamir, along with Kibbutz Givat Hashlosha and other partners. Clal Insurance is already an existing holding in Shamir Energy, having invested NIS 306 million 18 months ago for a 20% stake. After the current direct investment , Clal directly and indirectly will own almost 19% of the Kesem power station.
The developers overcame major opposition to receive approval for construction of the Kesem power station, which will produce about 800 megawatts, and will be one of the largest in the Gush Dan region. When completed, the power station will operate with energy production technology that is considered the most advanced in the world for producing electricity from natural gas, utilizing jet engines that were specially designed for the purposes of efficient energy production.
As part of the current investment, Clal will inject the money in exchange for shares, in parallel with the continued investment of Shamir Energy, which will maintain its holding and remain the majority owner of Kesem Energy. Clal Insurance will also provide a credit line to the founders to finance their share in construction of the station.
Earlier this month, Kesem Energy, which is building the station, announced that it had signed a binding agreement with Siemens Energy worth €14 million for the supply of the main equipment for the construction.
In April, it was reported that Kesem had signed agreements for the supply of natural gas from Energean's Karish and Tanin offshore reservoirs. This is a gas supply deal is worth $2 billion, over 17 years. Estimates are that construction of the Kesem power station will be completed in 2029.
Published by Globes, Israel business news - en.globes.co.il - on October 30, 2025.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2025.