Ashtrom Renewable Energy, a global independent power producer and renewable energy developer, a subsidiary of Ashtrom Group Ltd, has signed a ~US$200 million financing agreement with BHI, the US Branch of Bank Hapoalim, B.M., for the construction of a new solar project, El Patrimonio, located near San Antonio, Texas.
Construction of the El Patrimonio project began in 2025 and is expected to be completed in 2027. Once operational, the project is projected to supply electricity to approximately 37 000 households and reduce carbon emissions by about 170 tpy.
Yitsik Mermelstein, CEO of Ashtrom Renewable Energy, commented: “The completion of the financial close for this project represents an important milestone in the company’s activity in the US. This agreement demonstrates the confidence in leading financial institutions in Ashtrom Group’s ability to expand and deepen its presence in the renewable energy market in the US as we continue to position our company as a leading player in the renewable energy sector.”
Gil Karni, CEO of BHI, added: “The renewable energy sector represents a long-term pillar of BHI’s growth strategy. BHI has made a deliberate commitment to building a specialised team backed by deep sector expertise, strong capital capacity, and a clear strategic mandate to help support the ongoing growth and scaling of this industry and we plan on continuing to work both with Israeli-affiliated borrowers as well as a broad cross section of influential renewable energy developers from across the world to fast-track these crucial projects.”
At the time of the close, Ashtrom Renewable Energy also signed a deal with a large US institution with Aa3 Credit rating (Moody’s). Under the deal, the company will sell the project’s Production Tax Credits to that institution for 10 years.
Under a 20-year power purchase agreement with CPS Energy, the municipal utility of San Antonio (Aa2 Credit rating – Moody's), the company will sell about 70% of the electricity generated by the project, along with renewable energy certificates. The remaining electricity will be offered in the Texas open electricity market to assist with cost efficiency for consumers.
The company has a significant pipeline of about 1.3 GWdc of power generation projects in the US, plus battery storage projects that can store around 600 MWh of electricity.
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