Duke Energy acquires 200MW Holstein solar project from 8minute Solar Energy
Energy acquisition news : Duke Energy Renewables has acquired the 200MW Holstein solar project to be constructed in the Nolan County in Texas from 8minute Solar Energy for an undisclosed price.
8minute Solar Energy, a Nevada-based solar power developer, led the development of the Holstein solar plant and arranged its engineering, procurement and construction contract, operation and maintenance (O&M), hedge, tax equity and debt counterparties.
Tom Buttgenbach – president and CEO of 8minute Solar Energy, commenting on the sale of the Holstein solar project, said: “There is no question in our mind that solar PV will be the dominant form of energy in Texas in the near future.
“We’re proud to be working with Duke Energy and our other partners on this innovative project to deliver low-cost clean power to Texas’ residents and businesses.”
8minute Solar Energy sells Holstein solar project in Texas to Duke Energy Renewables. Photo courtesy of Duke Energy Corporation.
The Holstein solar project, which will be spread over nearly 1,300 acres in Windgate, will be equipped with more than 709,000 solar panels. Construction on the Holstein solar plant is expected to commence in the summer with a target to complete it next year.
Upon its commissioning, the new solar power plant in Nolan County will meet the power consumption needs of around 40,000 Texan homes.
Blattner Energy has been undertaking the solar plant’s design, inverters procurement, balance of plant systems and construction. On the other hand, First Solar will be handling the operational and management services for the Texan solar project starting from five years after the plant reaches substantial completion.
Claimed to become the largest facility in Duke Energy Renewable’s portfolio, the Holstein solar project will be the third solar power plant in Texas for the Duke Energy subsidiary.
Commenting on the acquisition of the Holstein solar project, Rob Caldwell – Duke Energy Renewables president said: “We’re pleased to add another Texas project to our growing renewables portfolio. The state has some of the best solar resources in the nation, making it a cost-efficient way to meet the energy needs of Texans. Besides clean energy, the project will also bring significant economic benefits to the state.”
The Holstein solar plant is expected to involve nearly 400 workers during its construction phase.
Under a 12-year hedge agreement, most of the power generated from the Holstein solar project will be sold to J. Aron & Company, a subsidiary of financial services giant Goldman Sachs.
The Holstein solar project is supported by a tax equity investment provided by SunTrust, while CIT Group served as coordinating lead arranger of $204.5 million in debt financing alongside four other banks.