Ashtrom raises US$270 million for 400MWdc Tierra Bonita solar project in Texas

Facebook
Twitter
LinkedIn
Reddit
Email
Ashtrom Renewable Energy began construction at the 400MWdc Tierra Bonita solar project in the second quarter of 2023. Image: Ashtrom Renewable Energy

Ashtrom Renewable Energy, an independent power producer that is a subsidiary of the Ashtrom Group, an Israeli construction firm, has raised US$270 million in funding for its 400MWdc Tierra Bonita solar project in the US state of Texas.

Financing for the project was provided by a group of five banks: BHI, the US subsidiary of the Bank Hapoalim Group; Germany-based Bayerische Landesbank; Dutch banks ING and Rabobank; and French investor Société Générale.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

Ashtrom Renewable Energy also agreed to sell the production tax credits generated by the project under the Inflation Reduction Act, the landmark legislation that has sought to encourage domestic US renewable power generation, to what it called a “highly rated US institutional entity”. The company values these tax credits at around US$300 million.

“The financial closing of the Tierra Bonita project marks a significant milestone for Ashtrom Renewable Energy, demonstrating confidence in our strong capabilities to execute the development, planning, financing and construction of our first large-scale solar project in the US, with a total investment of approximately $435 million,” said Yitsik Mermelstein, Ashtrom Renewable Energy CEO.

The project is currently under construction in Pecos County in south-west Texas, and Ashtrom Renewable Energy expects to begin commercial operations in the fourth quarter of 2024.

Ashtrom Renewable Energy has a total of 1.8GW of renewable power under development in the US, alongside 541MW of capacity under development in Greece, 99MW in Israel and 28MW in Poland, and the Tierra Bonita project is its largest in the US by capacity. The project is also the most mature of its six US renewable projects currently under development, and the successful funding of this facility could encourage greater investments in Ashtrom Renewable Energy’s US portfolio.

The news follows Recurrent Energy’s raising of around US$200 million for its 134MW Liberty solar project, which is also under construction in Texas, and received backing from Rabobank. Continued interest in building new US solar facilities has helped contribute to consistent growth in the US solar sector, that has seen the industry’s power capacity increase at a more sustainable rate than other renewable power sources.

21 October 2025
New York, USA
Returning for its 12th edition, Solar and Storage Finance USA Summit remains the annual event where decision-makers at the forefront of solar and storage projects across the United States and capital converge. Featuring the most active solar and storage transactors, join us for a packed two-days of deal-making, learning and networking.
16 June 2026
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 16-17 June 2026, will be our fifth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2027 and beyond.

Read Next

October 15, 2025
The average price of a solar PPA signed in North America increased 4% between the second and third quarters of 2025, according to LevelTen.
October 15, 2025
Independent power producer (IPP) Geronimo has begun construction on it’s150MW solar project in Illinois and commissioned the 125MW PV project in Michigan.
Premium
October 14, 2025
OCI Holdings’ decision this week to buy a Vietnamese solar wafer facility to supply the US solar cell manufacturing industry makes clear the biggest vulnerability facing the sector today.
October 14, 2025
German IPP wpd has started construction at its 140.6MW Marcy solar park in the Nièvre department of central France.
October 14, 2025
Apple will support 650MW of projects as part of a major expansion of its renewable energy investments in Europe, aimed at reducing its carbon footprint.
Premium
October 13, 2025
Brett Beattie of Castillo Engineering looks at some of the key land grading work that can make multimillion-dollar differences to projects.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 21, 2025
New York, USA
Solar Media Events
November 25, 2025
Warsaw, Poland
Solar Media Events
December 2, 2025
Málaga, Spain
Solar Media Events
February 3, 2026
London, UK