ISRAEL —Veolia agreed to sell its water, waste and energy business in Israel as well as its 50 percent stake in the Ashkelon desalination plant, one of the largest SWRO plants, helping to reduce debt by over $330 million, according to a press release by Global Water Intelligence

Veolia signed an agreement with an investment fund managed by Oaktree Capital Management for the sale, as part of a continuing effort to become more capital-light and remove non-core assets, continued the release.

The Veolia announcement closely follows Azrieli Group’s decision to sign an MOU with the Israel Infrastructure fund to sell the Palmachim desalination plant for over $120 million, noted the release.