Bank Hapoalim and Israel Discount Bank Invest 700 Million Shekels in Data Center
The two major banks will provide a long-term loan for a new data center in Kiryat Aryeh. The project has already secured all necessary permits and is exempt from the recent freeze on infrastructure approvals.
Bank Hapoalim and Israel Discount Bank will jointly provide approximately 700 million shekels in financial backing for the construction of an advanced data center in the Kiryat Aryeh industrial zone in Petah Tikva. The funding, divided equally between the two institutions, will be provided as a long-term loan covering the first phase of construction.
According to a report published this morning (Thursday) in 'TheMarker', the project is being promoted by a partnership including Med-1, which holds a 50% stake, alongside 'Mivne Real Estate' and the American data center giant 'Digital Realty'.
The planned complex will span 10 dunams and is expected to serve as a central communication hub, providing storage and high-speed data transfer services with an electrical capacity of 18 megawatts.
Construction of the first phase, carried out by Danya Cebus, is already underway. Excavation is in full swing, with completion expected by the end of 2027. The project is immune to the recent freeze on permits by the Electricity Authority for large data centers, as the developers secured all necessary approvals in advance.
