Clal Insurance and Menora Mivtachim are investing $79 million for a 36% stake in the Tierra Bonita solar facility in Texas, reflecting a strategic move into the burgeoning renewable energy sector.
Target Information
Clal Insurance and Menora Mivtachim have agreed to invest $79 million in a 36% stake in the Tierra Bonita solar facility, developed by Ashtrum Energy in Texas, USA. This investment values the project at approximately $220 million. The deal is expected to be finalized by June 2025.
Ashtrum Energy, a subsidiary of the Ashtrum Group, launched three years ago under the leadership of CEO Itzik Marmelstein, is the developer behind the Tierra Bonita project. In addition to their operations in the U.S., Ashtrum Energy holds an 11% stake in a wind farm in Poland with a capacity of approximately 270 MW.
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Industry Overview in Texas
The solar energy market in Texas has been rapidly evolving over the past decade, making the state one of the leaders in renewable energy production in the United States. Wi
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Disclosed details
Transaction Size: $79M
Revenue: $2,500M
EBITDA: $2,100M
Enterprise Value: $220M
Equity Value: $79M
Multiples
EV/EBITDA: 0.1x
EV/Revenue: 0.1x