Israeli investors scoop up Texas, Idaho solar projects
Ashtom Group and Kenlov Renewable Energy (KenLov) plan to purchase four U.S. solar projects from Texas developer OnPeak Power. The projects have a combined planned capacity of about 1.1 gigawatts (GW).
Ashtom, a construction company, and Kenlov, an Independent Power Producer focused on renewables and storage projects, want to expand their U.S. portfolio. The partners signed a formal agreement to develop, finance and construct utility-scale projects in America.
Austin-based OnPeak Power has five completed or planned solar projects, according to its website. Of the four projects involved in this sale, three are in Texas. A fourth is in Idaho. The first of these projects is expected to secure all financing late next year and wouldn’t be completed until late 2023, according to the site.
OnPeak sold another Texas solar project to Copenhagen Infrastructure Partners (CIP) in late-2018. The 255 MW project was finished in February 2021.
“We are excited to partner with Kenlov and Ashtrom to develop renewable power throughout the US”, said Ian Davis, co-founder of OnPeak Power. “We believe this partnership creates a powerful strategic opportunity to combine our unique strengths to grow the renewable energy sector. OnPeak looks forward to expanding its platform through this relationship and working together to lead the energy transition in the US.”
This is Ashtrom’s first entry into the U.S. market, Chairman Rami Nussbaum said.
“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,” said Nussbaum.