Image for illustrative purposes

Ashtrom Renewable Energy, part of Ashtrom Group, has secured approximately $200 million in financing from BHI, the US branch of Bank Hapoalim, for its El Patrimonio solar project near San Antonio, Texas.

Construction of the facility began in 2025 and is expected to be completed by 2027. Once operational, the plant will supply electricity to an estimated 37,000 households and reduce carbon emissions by around 170 tonnes per year.

Yitsik Mermelstein, CEO of Ashtrom Renewable Energy, stated that the financial close marks a significant milestone for the company’s US operations, reflecting confidence from leading financial institutions in its expansion in the renewable energy market.

The project includes a 20-year power purchase agreement with CPS Energy, San Antonio’s municipal utility, under which about 70% of the electricity generated and renewable energy certificates will be sold directly to the utility. The remaining production will be sold via the Texas open electricity market.

Additionally, Ashtrom Renewable Energy signed a separate agreement to sell the project’s production tax credits to a major US institution over ten years. The company currently has a US pipeline totaling roughly 1.3 gigawatts of power generation projects and 600 megawatt-hours of battery storage capacity.

Gil Karni, CEO of BHI, highlighted the bank’s commitment to supporting renewable energy projects globally, including partnerships with Israeli-affiliated borrowers and other international developers.

Source: finance.yahoo.com