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

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

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

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.

8 October 2024
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 8-9 October 2024 is our second PV CellTech conference dedicated to the U.S. manufacturing sector. The event in 2023 was a sell out success and 2024 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.
17 June 2025
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 17-18 June 2025, will be our fourth 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 2026 and beyond.

Read Next

June 17, 2024
German renewable energy developer Juwi has completed the construction of a 223MW solar PV project in the US state of Colorado.
June 17, 2024
This year at SNEC, the booth of Quanwei Solar Technology (QW Solar) attracted many visitors to participate in its interactive experiments.
June 14, 2024
Ørsted has commissioned its Helena Energy Center in the US state of Texas, a 518MW co-located solar and wind project.
June 14, 2024
US renewable energy project developer Ameren Missouri has acquired a 150MW solar PV project in the state of Illinois.
June 14, 2024
PV Tech Premium looks at FERC's recent ruling on Order 1920 and how it will affect transmission planning in the future.
June 13, 2024
US solar technology company Swift Solar has secured US$27 million to develop its perovskite tandem solar cell manufacturing.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
July 2, 2024
Athens, Greece
Solar Media Events
July 9, 2024
Sands Expo and Convention Centre, Singapore
Solar Media Events
September 24, 2024
Warsaw, Poland
Solar Media Events
September 24, 2024
Singapore, Asia