Pattern Energy Group is starting work on a new, 105-MW solar project in Texas that expands on its extensive wind energy holdings in that state.
The renewable energy developer announced it had completed financing and started construction on the Phoenix Solar project in Fannin County. Phoenix Solar is expected to be completed in mid-2021.
The project has a 12-year power purchase agreement with Digital Realty, a global provider of carrier- and cloud-neutral data center, colocation and interconnection solutions.
“This project is a win-win for Fannin County residents as it creates many benefits, including up to 200 jobs and more than $15 million in revenue for local schools and the county, while generating clean power for 20,000 homes,” said Mike Garland, CEO of Pattern Energy. “Phoenix Solar is one of many solar projects we have in development across Texas and around the world. Clean energy projects make sense for communities because they are the cheapest form of new power and their investments return jobs, growth and positive economic impact in the rural areas where they are developed.”
ING Capital LLC provided construction and term project financing and tax equity was provided by RBC Community Investments (RBC), a subsidiary of RBC.
“RBC is pleased to expand our longstanding relationship with Pattern Energy through the syndication of solar investment tax equity on this landmark transaction,” said Yonette Chung McLean, Managing Director at RBC. “The ability to close on the tax equity for Phoenix Solar during a global pandemic demonstrates the market’s confidence in Pattern Energy and the strength of RBC’s tax equity platform. We look forward to the successful completion of the Phoenix Solar Project.”
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The Phoenix Solar project will utilize First Solar Series 6 modules and NEXTracker NX Horizon trackers. Mortenson Construction is providing engineering and construction services for the project.
Pattern Energy acquired the development rights to the Phoenix Solar project in 2018 from Alpin Sun. The project expands Pattern Energy’s existing operating platform in Texas where the company has 871 MW of wind power in operation at four facilities across the state.
Earlier this year, Pattern Energy repowered its Gulf Wind Facility in Kenedy County with new turbines.
Renewable energy investment in the U.S. surged to a record $55.5 billion last year, according to an earlier report by Bloomberg New Energy Finance.
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Solar and wind energy will be part of the Renewables Knowledge Hub when POWERGEN International happens March 30-April 1. POWERGEN and DISTRIBUTECH International will be located together in Orlando, Florida.