SOREK, Israel - Desalination company IDE Technologies has become the sole owner of the Sorek desalination plant, one of the world’s largest seawater reverse osmosis (SWRD) facilities.
The company acquired the remaining 49 percent holdings from Hong Kong-based partner company Hutchison Water for NIS195 million (US$54.3m) before adjustments.
IDE exercised its first refusal rights in the plant, according to Israel financial site Globes. The announcement of the sale followed Hutchison Water selecting the bid submitted by the Noy Fund to acquire its share in the desalination facility.
Following completion, IDE will hold 100 percent of the franchise for the desalination facility.
It was in late 2017 when Israel Chemicals sold its 50 percent stake in IDE for $167 million to a group including IDE executive chairperson, Avshalom Felber, the Clal Insurance Enterprises Ltd and the Teachers and Kindergarten Teachers' Advanced Training Funds.
Sorek is one of five major desalination plants operating in Israel, including Ashkelon, Palmachim, Hadera, Ashdod, and Sorek.