What Ashtrom Renewable Energy does

Ashtrom Renewable Energy is an Israeli utility-scale solar independent power producer (IPP) and a wholly-owned subsidiary of Ashtrom Group Ltd. (TASE: ASHG), an Israeli construction and real estate conglomerate with 60+ years of operating history. Established in 2021, the company develops, finances, constructs, and operates utility-scale solar photovoltaic projects in the United States, with current operations concentrated in Texas. Its operating portfolio consists of the 400MWdc Tierra Bonita facility in Pecos County (commercial operations began Q4 2024, total project value ~$435 million) and the 150-200MW El Patrimonio project in Bexar County, currently under construction with commercial operation expected in 2027. The company also maintains a development pipeline of approximately 1.3 GWdc of additional power generation and 600 MWh of battery storage capacity.

The company's core technology is utility-scale solar PV generation, with solar-plus-storage entering the pipeline. It generates revenue primarily through 20-year Power Purchase Agreements (PPAs) with municipal utilities (CPS Energy offtakes approximately 70% of El Patrimonio), supplemented by sales into the Texas competitive electricity market for uncontracted volumes (approximately 30%), Renewable Energy Certificate (REC) sales, and the monetization of US Production Tax Credits via multi-year sale agreements to institutional investors (~$140 million over 10 years for El Patrimonio). Capital is sourced through non-recourse project financings — notably $270 million for Tierra Bonita in 2023 and $200 million from Bank Hapoalim's US branch for El Patrimonio in 2026 — with parent company balance sheet support.

Ashtrom Renewable Energy's go-to-market is enterprise project development: identify and secure land and interconnection rights, arrange project financing, construct via EPC partners such as SOLV Energy, and contract electricity output via long-dated PPAs with investment-grade municipal utilities. Customers are exclusively B2B municipal and investor-owned utilities in Texas, and the company does not sell directly to end consumers.

Name

Ashtrom Renewable Energy

Legal name

Ashtrom Renewable Energy Ltd.

Website

https://ashtrom.co.il

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

51–100 employees

Short description

Ashtrom Renewable Energy is an Israeli utility-scale solar independent power producer developing, financing, and operating large solar PV projects in Texas for municipal utilities under 20-year Power Purchase Agreements, as a subsidiary of Ashtrom Group Ltd.

Ownership category

akta.pro rank

Product category

Utility-Scale Solar Power Generation

NAICS

Solar Electric Power Generation (221114)

SIC

Electric Services (4911)

akta.pro primary industry

Solar PV Power Plant EPC (Utility-Scale) (EUAEAAAG)

akta.pro secondary industries

Solar Financing, Leasing & Ownership Platforms (Tax Equity, PPA, Securitization) (EUAMABAJ), Renewable Energy Asset Management (Solar/Wind/Hydro/Geothermal) (EUAEAMAB)

Keywords

• Utility-scale solar development
• Renewable energy generation
• Power purchase agreements
• Independent power producer
• Solar project financing

Headquarters

HQ city

Tel Aviv

HQ country

Israel

HQ region

Middle East

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Supply Chain, Operations, Personnel, Others

Revenue model

1. Electricity Sales under PPA: Revenue generated from selling electricity output under 20-year Power Purchase Agreements with utilities like CPS Energy, covering approximately 70% of project generation capacity.
2. Renewable Energy Certificates (RECs): Sale of renewable energy certificates and associated environmental attributes generated from solar project operations, bundled with or separate from electricity sales.
3. Production Tax Credits: Sale of production tax credits to institutional investors. Ashtrom sold approximately $140 million in production tax credits to a US institutional investor over 10 years for the El Patrimonio project.
4. Competitive Market Electricity Sales: Revenue from selling remaining electricity generation (approximately 30% not contracted under PPA) into the Texas open competitive electricity market.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

Ashtrom Renewable Energy develops, finances, builds, owns, and operates utility-scale solar photovoltaic power plants in the United States (primarily Texas), selling the generated electricity and associated environmental attributes under long-term 20-year Power Purchase Agreements to municipal utilities such as CPS Energy, with the remaining output sold into competitive markets. The company is currently advancing a ~1.3 GWdc solar pipeline plus 600 MWh of battery storage projects in the US.

Product overview

Ashtrom Renewable Energy is a subsidiary of Israeli construction and real estate developer Ashtrom Group Ltd., established in 2021 to develop and operate renewable energy projects. The company operates as a project developer and independent power producer (IPP) focused on utility-scale solar projects. Its portfolio includes the Tierra Bonita solar project (400MWdc, operational since Q4 2024) and the El Patrimonio solar project (150-MW under construction, expected 2027), both located in Texas. The company also maintains a development pipeline of approximately 1.3 GWdc of power generation and 600 MWh of battery storage projects in the US market.

Differentiator

Problem solved

Functional benefit

Products and services

• Tierra Bonita Solar Project A 400MWdc utility-scale solar photovoltaic facility located in Pecos County, Texas, owned and operated by Ashtrom Renewable Energy. The project sells electricity into the Texas grid and is sized to supply approximately 37,000 households while cutting around 400,000 tons of greenhouse gas emissions annually.
• El Patrimonio Solar Project A 150-200 MW solar photovoltaic project in Bexar County near San Antonio, Texas, with output sold under a 20-year Power Purchase Agreement to CPS Energy covering approximately 70% of generation, and the balance sold into the Texas competitive electricity market. Expected to power approximately 37,000 homes annually and offset roughly 193 tonnes of carbon dioxide emissions once operational in 2027.
• US Solar and Battery Storage Development Pipeline A development pipeline of approximately 1.3 GWdc of solar power generation projects and 600 MWh of battery storage projects in the United States, representing Ashtrom Renewable Energy's expansion strategy for utility-scale solar and storage development in the US market.

Quantifiable outcome

• 400,000 tons of greenhouse gas emissions reduced annually by Tierra Bonita facility
• +2 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Three partnerships are on record, tiered major, minor and core.

• SOLV EnergymajorImplementation/ SI/ Consulting Partner · 13 May 2026SOLV Energy served as a construction partner for the El Patrimonio solar project in Bexar County, Texas. This marked the first joint project between Ashtrom and SOLV Energy in Bexar County, with construction activities beginning in 2025.
• OnPeak PowerminorStrategic or Co-development Partner · 13 January 2026Ashtrom Renewable Energy and OnPeak Power mutually concluded their development partnership, which began in 2021. The partnership encompassed 1.4 GWac of capacity across six utility-scale solar projects. Both companies stated they are positioned to advance their respective priorities independently as of January 2026.
• CPS EnergycoreStrategic or Co-development Partner · 1 January 2025CPS Energy, San Antonio's municipal utility, signed a 20-year Power Purchase Agreement with Ashtrom for the El Patrimonio project. CPS Energy purchases approximately 70% of the project's electricity output and associated renewable energy credits. The partnership was formalized with a groundbreaking ceremony attended by local officials in May 2026.

Scale indicators5 records

Recent moves8 records

Expansion highlights4 records

Direct peers

• Lightsource bp: Global utility-scale solar developer and IPP with significant US operations, developing and owning hundreds of MW of solar projects under long-term PPAs with municipal and investor-owned utilities. Highly comparable business model to Ashtrom's utility-scale solar IPP strategy.
• ib vogt: German-headquartered utility-scale solar developer with established US project pipeline, developing, building, and operating solar farms for sale or long-term ownership. Closely comparable as a developer/IPP focused exclusively on utility-scale solar.
• Longroad Energy: US-focused renewable energy developer and operator of utility-scale solar and storage projects, with projects under long-term PPAs across multiple US states. Comparable in scale, business model, and PPA-driven revenue structure.
• Sonnedix: Global solar IPP that develops, finances, builds, owns, and operates utility-scale solar plants across multiple geographies. Comparable as a pure-play solar IPP focused on long-term ownership and PPA-based revenue.
• 174 Power Global: US utility-scale solar and storage developer owned by Hanwha, developing and operating solar projects under long-term PPAs. Comparable mid-sized developer/IPP with US-focused utility-scale solar pipeline.
• Avantus: US clean energy developer (formerly 8minute Solar Energy) focused on utility-scale solar and storage development with projects under long-term PPAs. Closely comparable in business model and US market focus.

Broad incumbents

• EDF Renewables: Subsidiary of EDF Group developing utility-scale renewable energy projects across the US, including solar PV and storage. Larger and broader portfolio but operates the same utility-scale solar IPP model with municipal and corporate PPAs.
• Invenergy: One of the largest US private renewable energy developers and operators, with a significant utility-scale solar portfolio under long-term PPAs across multiple states. Comparable business model though at materially greater scale.
• Clearway Energy Group: Owns and operates one of the largest renewable energy portfolios in the US, including significant utility-scale solar capacity contracted under long-term PPAs. Publicly traded but operates comparable IPP economics.

Emerging players

• Matrix Renewables: Emerging utility-scale solar and storage developer with US and Latin American operations, developing projects under long-term PPAs. Comparable as a developer/IPP at similar relative stage of pipeline build-out.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInil.linkedin.com/company/ashtrom-group

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds2 records

Investors6 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ashtrom Renewable Energy