Besides being a major oil-producing state in the U.S., Texas has grown to be a major player in renewable energy. With 12,000 wind turbines with a combined capacity of 22,000 megawatts spread across its plains, it is one of the world’s powerhouses for this technology.
As for solar energy, there has been a sharp increase in the number of solar projects as well. As of 2017, the state ranked fourth in the U.S. with solar capacity. And up until this week, the largest solar project has been a 180-megawatt solar farm operated by Vistra Energy that spans 1,600 acres in Upton County.
Innergex buys the Phoebe Solar Farm
Innergex has acquired the rights to develop the Phoebe Solar Farm, a 250-megawatt solar project in Winkler County, West Texas, on the border with New Mexico. The solar farm will have the capacity to power 53,000 households when it reaches completion by the end of 2019.
The total construction cost of the project is estimated at US$397 million (C$524 million), with Wells Fargo expected to provide part of the equity financing. The deal is in line with the bank’s commitment to invest $200 billion in clean technologies by 2030.
First Solar is the EPC contractor and the project will be utilizing First Solar Series 6 thin-film module panels. First Solar is also providing operations and maintenance to the project under a five-year agreement.
The solar facility will sell 100 percent of its output to the ERCOT power grid and receive a fixed price on 89 percent of its energy produced under a 12-year power purchase agreement with Shell Energy North America, set to begin in July 2019.
About Innergex Renerable Energy
Innergex Renewable Energy is a developer, owner and operator of hydroelectric facilities, wind energy, and solar farms in North America. Innergex conducts operations in Canada, the United States, France and Iceland.
Founded in 1990 by Gilles Lefrançois under the name Innergex GP, the company now manages a large portfolio of assets currently consisting of interests in 64 operating facilities with an aggregate net installed capacity of 1,957 MW (gross 3,201 MW).
