Ashtrom Group LTD. (“Ashtrom”), one of Israel’s leading construction and property companies, and Kenlov Renewable Energy (“Kenlov”), an international originator, investor and Independent Power Producer (“IPP”) announced the signing of a definitive agreement to acquire four solar projects in the US with planned capacity of ~1.1 GWdc from the Texas-based developer OnPeak Power (“OnPeak”), and an exclusive development services agreement to target an additional development pipeline of utility-scale projects across the US.
Three of the first acquired projects with planned capacity of c. 900 MWdc are located in Texas (TX) while the fourth project is located in Idaho (ID). The projects are at various development phases, with the first project planned to reach FNTP late next year.
The acquisition marks the commencement of a newly formed joint venture company, KARE LLC, between Ashtrom through its wholly-owned subsidiary Ashtrom Renewable Energy, and Kenlov Renewable Energy to develop, finance, construct and own utility scale projects in the US, and the start of 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. “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’s 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.”