Climate and Clean Tech | October 4, 2023

Ashtrom Renewable Energy snags $270 million in solar project financing

Amy Cortese
ImpactAlpha Editor

Amy Cortese

ImpactAlpha, Oct. 4 – Ashtrom Rebewable’s funding, from a consortium of banks including ING Capital, Rabobank and Société Générale, will help the renewable energy developer complete a large-scale solar plant in Texas, where wind and solar power is booming despite Republican efforts to thwart it.

The Tierra Bonita project, being developed with Austin-based OnPeak Power, is expected to produce 400 megawatts of power by the end of 2024. 

Tax credits

Ashtrom, a subsidiary of Israeli construction conglomerate Ashtrom Group, sold $300 million in 10-year production tax credits due under the Inflation Reduction Act to an unnamed US institution, in one of the first so-called tax credit transfer agreements for a solar project.

Ashtrom last year secured a 20-year power purchase agreement last year to sell more than half of the project’s power to a San Antonio municipal utility.