The European Investment Bank (EIB), which acts as the central financing institution of the European Union (EU), announced Monday that it signed a EUR 150 million finance contract with the company SMS IDE Ltd, in a bid to design, finance, construct and operate a seawater desalination plant via reverse osmosis technology in Sorek, Israel, according to a press release from the bank.
With an estimated capacity of 200 million m3 per annum, the new desalination plant, coined Sorek II, will become the largest desalination plant in the world upon its completion. Drawing from cutting-edge technology, the desalination plant is also expected to improve energy consumption and carbon emissions.
The press release noted that the EIB decision to invest in the new desalination plant was rooted in the goal of improving water supply infrastructure in the region, while also increasing the availability of reused water (grey water) for agricultural users, which will allegedly foster the switch away from freshwater usage and facilitating sustainable replenishment of aquifers
Similarly, the new plant may also improve water quality for consumers, with its cutting-edge technology. The development of Sorek II is part the Neighbouring Financing Facility (NFF) 2014-2020 project and EU/Israel Action Plan, which seeks to foster greater international and regional cooperation.
The EIB consists of shareholders representing 27 EU member states, whom jointly provide the capital to fund projects such as Sorek II.