Ashtrom Renewable Energy, a global independent power producer and renewable energy developer and a subsidiary of Ashtrom Group Ltd., has secured approximately $200 million in financing from BHI, the U.S. branch of Bank Hapoalim B.M., to support the construction of its El Patrimonio solar project near San Antonio, Texas.
Construction of the project commenced in 2025 and is expected to be completed by 2027. Once operational, the facility is projected to provide clean electricity to around 37,000 households while contributing to carbon emissions reduction.
The financial close marks a significant milestone in Ashtrom Renewable Energy’s expansion strategy in the United States. The company stated that the financing agreement reflects growing confidence from leading financial institutions in its ability to strengthen its presence in the U.S. renewable energy market.
In addition to securing project financing, Ashtrom Renewable Energy has signed an agreement with a major U.S. institution rated Aa3 by Moody’s for the sale of the project’s Production Tax Credits over a 10-year period.
The project is also backed by a 20-year Power Purchase Agreement (PPA) with CPS Energy, the municipal utility serving San Antonio. Under the agreement, approximately 70% of the electricity generated by the project, along with associated renewable energy certificates, will be supplied to CPS Energy. The remaining electricity will be sold into the Texas competitive electricity market.
Ashtrom Renewable Energy continues to expand its renewable energy footprint in the United States, with a development pipeline of approximately 1.3 GWdc of power generation projects and battery energy storage projects capable of storing around 600 MWh of electricity.
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