Ashtrom Renewable Energy has secured a financing agreement worth approximately $200m with BHI, the US branch of Bank Hapoalim, for the El Patrimonio solar project near San Antonio, Texas.
The company began building the facility in 2025 and expects to complete the project by 2027.
Once operational, El Patrimonio is expected to supply electricity to an estimated 37,000 households and reduce carbon emissions by roughly 170 tonnes per annum (tpa).
Ashtrom Renewable Energy CEO Yitsik Mermelstein said: “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.”
At the time of financial close, the company entered into a separate agreement with a major US institution, under which it will sell the project's production tax credits over a ten-year period.
A 20-year power purchase agreement was also finalised with CPS Energy, San Antonio’s municipal utility.
Through this agreement, around 70% of electricity produced by El Patrimonio and its renewable energy certificates will be sold directly to CPS Energy.
The remainder will be distributed through the Texas open electricity market.
BHI CEO Gil Karni said: “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.”
Ashtrom Renewable Energy operates as part of Ashtrom Group and has a pipeline in the US totalling around 1.3 gigawatts-direct current in power generation projects and battery storage capabilities amounting to approximately 600 megawatt-hours.
