Longroad Energy sells $400m Phoebe Solar Project in Texas to Innergex
Solar industry news : Longroad Energy, a US renewable energy developer has sold the 250MW Phoebe Solar Project in Texas to Canadian renewable company Innergex Renewable Energy.
Phoebe Solar Project Cost | Phoebe Solar Project Construction Details
While the financial terms of the sale were undisclosed, the new Texas solar project is to be constructed with an investment of $397 million.
The Phoebe Solar Project to be built in in Winkler County has been co-developed by Longroad Energy and 7X Energy.
Longroad Energy said that the Texas solar project has not only secured financial closing but has also commenced its construction. The US renewable energy developer will be helping Innergex Renewable Energy in the construction management.
While the construction and term project financing of the Phoebe Solar Project will be covered by CIT and others, the Texas solar power plant’s tax equity financing will be provided by a Wells Fargo subsidiary.
Paul Gaynor – CEO of Longroad Energy, commenting on the sale of the Phoebe Solar Project in Texas to Innergex, said: “We are pleased to have sold the Phoebe project to Innergex Renewable Energy Inc, who had a strategic desire to grow its solar portfolio. Longroad appreciates the cooperative spirit and participation of the many landowners involved, with a special thanks to the Wight family.”
Expected to be commissioned in the second half of next year, the Phoebe Solar Project will generate enough power to cover close to 53,000 Texan homes.
Commenting on Innergex acquisition of the Phoebe Solar Project in Texas, Michel Letellier – President and CEO of Innergex, said: “We are very much looking forward to breaking ground on our largest solar project to date. I am confident that our experience and expertise in developing and managing renewable energy projects will ensure the successful completion of the Phoebe project and demonstrate our commitment to growing our diversified portfolio of assets.
“With this acquisition, we are in a good position to provide peak renewable power to the ERCOT market, complementing wind energy production and diversifying our footprint in the state.”
First Solar, a US photovoltaic manufacturer was signed up as the EPC contractor of the new Texas solar project which will feature the First Solar Series 6 panels. The operations and maintenance of the Phoebe solar power plant will be handled by First Solar as part of a five-year agreement.
According to the latest solar industry news, Shell Energy North America had earlier made a deal to buy 89% of the solar power generated from the Phoebe Solar Project.