Mizrahi Tefahot Bank stock: Sorek project reaches financing close

Mizrahi Tefahot Bank is helping lead financing for the Sorek power station after the project consortium reached financial close on November 5, 2026. Globes reported that Mizrahi Tefahot and Israel Discount Bank are leading financing of about NIS 5.6 billion for the project.

Power project enters construction phase

The consortium behind the plant includes Edeltech, Menora-Mivtachim and the Keystone infrastructure fund. The gas-fired facility is planned near the Sorek desalination plant and is scheduled to start operations in November 2029.

The station is designed for 870 megawatts of capacity, although grid constraints mean availability payments will cover 670 megawatts. The project has also secured a 15-year gas supply agreement with Energean, according to Globes.

The financing close marks the step before construction begins. For Mizrahi Tefahot, the transaction highlights its role in Israeli corporate and infrastructure lending, while the project reflects expected growth in electricity demand around the Tel Aviv metropolitan area.

Mizrahi Tefahot's banking position

Mizrahi Tefahot Bank provides retail and commercial banking services in Israel, with a particular focus on mortgages and home finance. Its head office is in Ramat Gan, and its customer base includes households and businesses across the country. Top in Israel describes the bank as Israel's third-largest banking group and a specialist in housing finance. Bank Leumi and Bank Hapoalim are larger full-service competitors, while Israel Discount Bank competes across retail and business banking.

Israeli banking shares are part of the broader TA-35 market, where investors track developments across Israel's leading companies.

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