Ashtrom Group Limited, Israel’s leading construction and property companies, and Kenlov Renewable Energy, an independent power producer, have announced the signing of a definitive agreement to acquire four solar projects in the US with a total capacity of 1.1 GWDC from Texas-based developer OnPeak Power. An exclusive development services agreement to target an additional development pipeline of utility-scale projects across the US has also been signed.
Three of the acquired projects, with a total capacity of approximately 900 MWDC, are in Texas while the fourth is in Idaho. The projects are in varying stages of development, with the first one expected to commission by late next year. According to the press statement, the acquisition signals the launch of a new joint venture company, KARE LLC, between Ashtrom Renewable Energy and Kenlov Renewable Energy to develop, finance, construct, and own utility-scale projects in the US, as well as the beginning of a long-term development relationship with OnPeak.
The Ashtrom Group is listed on the Tel Aviv Stock Exchange. Kenlov Renewable Energy focuses on mature technologies such as onshore wind, solar, and storage projects. OnPeak Power operates a 255 MW project and is actively constructing early to mid-stage solar projects for the North American market.
REGlobal’s Views: The United States solar market is expanding rapidly owing to new attractive federal government policies as well as state-level commitments. The country remains a top investment destination for renewable energy players, like Ashtrom and Kenlov, that want to build large global portfolios.