Ashtrom Renewable Energy Completes Financial Close for Another Renewable Energy Project in the U.S.

Posted on March 12th, 2026 | Filed under Press Releases

SAN ANTONIO, March 12, 2026 /PRNewswire/ — Ashtrom Renewable Energy, a global independent power producer and renewable energy developer and subsidiary of Ashtrom Group Ltd., announced today signing of an approximately $200 million financing agreement with BHI, the U.S Branch of Bank Hapoalim, B.M., for the construction of a new solar project El Patrimonio located near San Antonio, Texas.

Construction of the El Patrimonio Project began in 2025 and is expected to be completed in 2027. Once operational, the project is projected to supply electricity to approximately 37,000 households and reduce carbon emissions by about 170 tons annually.

“The completion of the financial close for this project represents an important milestone in the company’s activity in the United States,” said Yitsik Mermelstein, CEO of Ashtrom Renewable Energy. “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.”

“The renewable energy sector represents a long-term pillar of BHI’s growth strategy,” said Gil Karni, CEO of BHI. “BHI has made a deliberate commitment to building a specialized 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.”

At the time of the close, Ashtrom Renewable Energy also signed a deal with a large U.S. institution with Aa3 Credit rating (Moody’s). Under the deal, the company will sell the project’s Production Tax Credits to that institution for 10 years.

Under a 20-year Power Purchase Agreement with CPS Energy, the municipal utility of San Antonio (Aa2 Credit rating – Moody’s), the company will sell about 70% of the electricity generated by the project, along with renewable energy certificates. The remaining electricity will be offered in the Texas open electricity market to assist with cost efficiency for consumers.

The company has a significant pipeline of about 1.3 GWdc of power generation projects in the US, plus battery storage projects that can store around 600 MWh of electricity.

About Ashtrom Renewable Energy

Ashtrom Renewable Energy is delivering clean energy at scale. We build best-in-class renewable energy projects in the United States and around the globe. With a hands-on, risk-informed approach that emphasizes strategic and cost-effective execution, the company is an independent power producer (IPP) led by a team of energy experts with decades of experience in development, construction, financing, and operation of renewable energy projects. Ashtrom Renewable Energy leverages the financial stability and culture of excellence cultivated by Ashtrom Group (TASE: ASHG), a leading infrastructure, construction, and real estate development company with a 60-year legacy of success.

About BHI

BHI, the U.S Branch of Bank Hapoalim, B.M., Israel’s leading financial institution, provides commercial banking solutions to middle market clients in sectors including commercial real estate; general, domestic and Israeli C&I; private equity and specialty finance; renewable energy; healthcare; corporate banking; and technology and data centers. In addition to its New York headquarters, the bank operates U.S. Representative Offices in Woodcliff Lake, New Jersey; Miami, Florida; and Los Angeles, California. For more information, visit www.bhiusa.com.

Media Contact: Kelsey Koch
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