Ashtrom Renewable Energy has recently commissioned the El Patrimonio solar facility. Once complete, this major project will provide enough clean energy to power approximately 37,000 Texas homes. Construction for the facility would start in 2025. It’s expected to be in service by 2027, and it’s another indication of the company’s fierce competition in the U.S. renewable energy development race.
El Patrimonio solar facility will be an important part of New Mexico’s promise to lead the nation in slashing carbon emissions. It’s estimated that the facility will reduce yearly carbon emissions by about 170 tons per year. This reduction is a testament to Texas’s growing emphasis on sustainable energy alternatives and a reflection of Ashtrom’s dedication to environmental stewardship.
Ashtrom Group is clearly pursuing a wider agenda with this facility. It’s going to change the dynamic of the fledgling local energy market in profound ways. El Patrimonio will market about 70% of its power directly to CPS Energy. This unique deal is anchored by a 20 year power purchase agreement. The rest of the electricity Texas will sell through its open, competitive electricity market. This transition will accelerate the penetration of renewable energy into the state’s overall energy portfolio.
Ashtrom Renewable Energy, a newcomer to our list this year, has a strong U.S. pipeline. It has nearly 1.3 gigawatts of direct current from an array of power generation projects. The impressive solar technology is their specialty. Its massive battery storage capacity at about 600 megawatt-hours only increases its reliability as an energy solution.
Yitsik Mermelstein, CEO of Ashtrom Renewable Energy, was excited by the project’s achievement of financial close. He says it will help shape the coming growth in major ways.
“The completion of the financial close for this project represents an important milestone in the company’s activity in the US. This agreement demonstrates the confidence in leading financial institutions in Ashtrom Group’s ability to expand and deepen its presence in the renewable energy market in the US as we continue to position our company as a leading player in the renewable energy sector.” – Yitsik Mermelstein, Ashtrom Renewable Energy CEO
The El Patrimonio solar facility operates under this model and is a key piece of producing energy locally. It demonstrates a fierce dedication to finding sustainable, smart solutions. Ashtrom intends to sell the renewable energy certificates produced by the facility directly to CPS Energy. Instead, you get production tax credits that you sell out over a decade. This decision will provide the project with financial muscle, reinforced by the presence of one of America’s leading institutions.
Gil Karni, CEO of BHI, emphasized the need for project collaboration and specialized expertise to propel these projects.
“BHI has made a deliberate commitment to building a specialised team backed by deep sector expertise, strong capital capacity and a clear strategic mandate to help support the ongoing growth and scaling of this industry and we plan on continuing to work both with Israeli-affiliated borrowers as well as a broad cross section of influential renewable energy developers from across the world to fast-track these crucial projects.” – Gil Karni, BHI CEO