7X Energy, Inc. has sold the 100-MW Lapetus Solar Energy Project in Andrews County, Texas, to Duke Energy Renewables.
7X, the original owner and developer, will transition the last stages of development of the solar project to Charlotte, NC-based Duke Energy, which also will manage construction and serve as the long-term owner and operator of the project. CohnReznick Capital, a leading investment bank serving the renewable energy industry, acted as financial advisor to 7X Energy on the sale.
Lapetus will be located on an approximately 800-acre site. Construction is expected to begin before the end of March.
The project will be the first large scale solar project in Andrews County. During peak construction, the solar facility will bring approximately 150 jobs to the county and generate over $20 million in local property tax revenue. Lapetus is scheduled to begin operations by the end of the year.
Once operational, the solar energy from Lapetus will be sold in SolarBlocksTM under a power purchase agreement negotiated by 7X and Duke Energy Renewables and will deliver electricity to ERCOT (Electric Reliability Council of Texas). Brazos Electric Power Cooperative, Inc. will purchase the energy on behalf of CoServ Electric and seven other distribution cooperative members.
“The sale of Lapetus is another milestone for 7X and advances our mission to rapidly deploy solar through innovation and agility to meet customer needs” said Clay Butler, President and CEO of 7X Energy. “We are committed to bringing high-quality, reliable solar projects to operation and look forward to working with Duke Energy on Lapetus through construction and successful commercial operations.”
“Our focus is generating cleaner energy for the state of Texas and this solar project will do just that,” said Rob Caldwell, president, Duke Energy Renewables and Distributed Energy Technology. “We are pleased to partner with these communities in Texas to build and own facilities that offer customers additional options to use solar energy.”
“We are excited to play a role in accelerating the growth of the Texas solar market. This transaction underscores the growing demand for renewable energy and the many economic and employment opportunities continued development brings,” said Frank Palladino, Managing Director at CohnReznick Capital.
Duke Energy Renewables’ utility-scale wind and solar assets total about 2,900 megawatts (MW) — across 14 states — from 21 wind and 64 solar projects. The power produced by these projects is primarily sold through long-term contracts to utilities, electric cooperatives, municipalities, and commercial and industrial customers.
7X Energy is headquartered in Austin, Texas. The company has more than 10,000 MW of collective utility-scale development expertise and is focused on the development and sale of renewable energy to commercial and wholesale customers.