Ashtrom Group, an Israeli company, and Kenlov Renewable Energy have signed a definitive agreement to acquire four solar projects in the United States (US) with a total planned capacity of 1.1 GW from OnPeak Power. In addition, they have signed an exclusive development services agreement to target an additional development pipeline of projects across the US. Three of the first acquired projects with planned capacity of 900 MW are located in Texas, while the fourth project is located in Idaho. The projects are at various development phases. The acquisition marks the start of a newly formed joint venture company, KARE, between Ashtrom through its wholly-owned subsidiary Ashtrom Renewable Energy, and Kenlov Renewable Energy to develop, finance, build and own utility scale projects in the US, and the start of a long-term development relationship with OnPeak.
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