
IRA’s transferability rule put to work in $300M solar finance deal

Ashtrom previously secured a 20-year power purchase agreement with San Antonio municipal utility CPS Energy for 60% of the project's capacity.
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Tierra Bonita Solar marks Ashtrom Renewable Energy's first large-scale solar project in the U.S.
A subsidiary of the Israeli construction and real estate conglomerate Ashtrom Group, Ashtrom Renewable Energy developed the project in partnership with Austin-based OnPeak Power. Mortenson is providing engineering, procurement, and engineering services.
The Tierra Bonita project is located on a 2,400-acre site in Pecos County, Texas, with a planned capacity of 400MWdc (306 MWac). It is currently under construction and commercial operation is expected by Q4 2024.
Morgan Lewis and Marathon Capital advised Ashtrom Renewable Energy for the financing deals.