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Tel Aviv-headquartered Kenlov Renewable Energy has made swift progress in establishing itself as an Independent Power Producer (IPP) with a global portfolio.
Having formally entered the market via its US Joint Venture with strategic partner Ashtrom Group, Kenlov Ashtrom Renewable Energy (KARE LLC) in late 2021, Kenlov has now grown an international development pipeline of wind and solar assets exceeding 3GW.
The milestone has been reached following KARE’s sourcing this month of the 300 MW Rolling Sun project in Bushland, Texas. The project is slated to enter construction in 2024, with commercial operations to commence in early 2025, entering the Southwest Power Pool (SPP) market.
Rolling Sun is the fifth US solar project in development by KARE, taking the total capacity under development by the JV to nearly 1.5GW. Kenlov and Ashtrom plan to double this US pipeline to more than 3GW in the next three years.
Richard Ferriday, Managing Director, Kenlov Renewable Energy, said, “We’re building a US portfolio with real muscle. Having brought Rolling Sun into the pipeline, we’re now looking forward to the start of works at our first sites later this year, and the first power in 2023. We remain on the hunt for further high-quality opportunities throughout the US.”
This momentum has been matched by Kenlov’s team in Europe, consisting of a group of in-house country managers based in target countries. This team combines decades of solar and wind development experience with an established network of connections in the industry.
Kenlov’s European business has rapidly built out wind and solar pipelines exceeding 1.5 GW. These projects, located across markets including Spain, Italy, Greece and Serbia, are at various stages of development and licensing and will enable Kenlov to achieve the portfolio scale and diversity needed to deliver stable revenues to its investors as a global IPP.
Kenlov’s rapid growth has been underpinned by an in-depth understanding of and local presence in its target markets. The team is now 15-strong covering all power-related disciplines, including development, project finance, engineering, construction, and project management. The team is actively present in seven territories and its combined experience is fit for Kenlov’s strategy of getting involved in the earliest development stages and holding the projects through construction as they evolve into operating power plants.
The growth of Kenlov’s pipeline is based on its own greenfield development projects, as well as direct cooperation with experienced local developers. Kenlov expects to announce further strategic investment partnerships in the coming months.
“We’re thrilled to have made such swift progress – putting us on a fast track to meeting our goal of developing, owning and operating projects that cut carbon and deliver robust returns for our stakeholders,” said Olivier Konig, CEO, of Kenlov Renewable Energy. “The growth of our pipeline is an endorsement of our business model, team and partnership strategy. It’s a solid start, with plenty more to come, so watch this space!”