Israeli companies Ashtrom Group and Kenlov Renewable Energy have signed a definitive agreement to acquire four solar projects in the US with planned capacity of 1100MW (dc).
Texas-based developer OnPeak Power is selling the projects.
Three of the first acquired projects have a planned capacity of 900 MW (dc) and are located in Texas, while the fourth project is located in Idaho.
The projects are in various stages of development.
The acquisition marks the commencement of a newly formed joint venture company, KARE, between Ashtrom through its subsidiary Ashtrom Renewable Energy, and Kenlov to develop, finance, construct and own utility scale projects in the US and a long-term development relationship with OnPeak.
“The acquisition of the first projects in the US and the development framework partnership with Kenlov and OnPeak mark our first entry for Ashtrom Group to the renewable energy market in the US”, said Rami Nussbaum, Ashtrom group chairman.
He added: “We believe that the US renewable energy sector will continue to grow in the coming years and we will target further investments and large-scale development partnerships in the US and other countries in the near future.
“The vast experience of Ashtrom Group in development, financing, and construction of large-scale infrastructure projects will help to build a strong and sizeable energy arm within our group.”
Kenlov CEO Olivier Konig said: “We’re very pleased to have brought together our partners Ashtrom Group, one of the leading companies in Israel, and OnPeak Power an experienced and entrepreneurial developer.
“Kenlov is a fast-growing company, always on the lookout for opportunities and talent. We believe in creating value with our partners and we’re looking forward to many successes with Ashtrom and OnPeak over the coming years.
“The US is accelerating its energy transition through the bipartisan infrastructure package and state-level renewable energy targets, it’s an exciting time and we’re now very much part of it.”