Ashtrom Group has signed its first PPA settlement for a long-term sale of electrical energy within the U.S. market. As a part of the settlement, a devoted venture firm collectively owned by the Ashtrom Group and Kenlov Renewable Energy will promote electrical energy generated by the Tierra Bonita venture within the U.S.: about 235 MW DC, which is roughly 60% of the full capability of the venture.
The electrical energy might be offered to CPS Energy, the municipally owned electrical and pure gasoline utility of the City of San Antonio, Texas, and might be provided to the utility at a hard and fast value for a interval of 20 years. The remaining project-generated electrical energy and its inexperienced certificates might be offered on the open electrical energy market in Texas.
Tierra Bonita has already achieved main growth milestones, together with the securing of its fundamental land rights and signing of a grid connection settlement. According to the corporate’s evaluation, completion of the venture growth processes and the beginning of building ought to happen within the second quarter of 2023, and its business operation is anticipated on the finish of 2024.
“This agreement signifies a major milestone in our investment activity in the U.S. and reflects the continued progress of our renewable energy activity in this market for the long term,” says Yitsik Marmelshtein, CEO of Ashtrom Renewable Energy. “We are currently working on advancing other PPA agreements for additional projects that we are developing in the U.S.”
“At present, our renewable energy development pipeline in the US includes projects in various development stages in the U.S., with total planned capacity of ~1.5 GW,” Marmelshtein continues. “We are aiming to expand our investments in the renewable energy sector, mainly in the U.S and in Europe.”