The renewables wing utility large Duke Energy is buying a 144-MW photo voltaic venture in Texas.
Recurrent Energy, a subsidiary of developer Canadian Solar, is promoting the Pflugerville Solar venture in Travis County Texas. The venture is at present underneath development and anticipated to attain business operation halfway by means of this yr.
The power generated from the Pflugerville Solar venture shall be bought to Austin Energy underneath a 15-year energy buy settlement (PPA).
This is the fifth utility-scale venture that Duke Energy Renewables has acquired from Recurrent Energy, together with the Rambler Solar venture in Texas, which reached business operation in 2020.
“We’re excited so as to add this terrific venture to our rising Texas photo voltaic portfolio to fulfill the rising demand for energy within the state and assist our longstanding relationship with Austin Energy,” stated Chris Fallon, president of Duke Energy Renewables. “In addition to offering Austin Energy’s prospects with low-cost clear power, this venture may even convey important financial advantages to the state.”
Recurrent Energy at present has greater than 5,700 MW of photo voltaic initiatives underneath development and in growth and greater than 1,045 MW / four,180 MWh of power storage initiatives underneath growth, stated Shawn Qu, chairman and CEO of Canadian Solar.
“We have a long-standing relationship with Duke Energy Renewables and are happy that they’ve develop into the brand new homeowners of Pflugerville Solar, as it’s a landmark venture that may energy native properties within the Austin space, supporting the clear power transition because the Lone Star State continues to diversify its power combine,” Qu added.
Austin Energy, the City of Austin’s electrical utility, serves greater than 500,000 buyer accounts and multiple million residents in Greater Austin. This PPA helps Austin Energy’s purpose of reaching no less than 55 % renewable power by 2025, and 65 % renewable power by the tip of 2027. The venture additionally helps Duke Energy’s targets of doubling its renewable power sources by the tip of 2025.
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“We at present meet 63 % of our prospects’ power wants with carbon-free sources,” stated Austin Energy General Manager Jackie Sargent. “Adding the Pflugerville Solar venture to our portfolio will convey us nearer to assembly our affordability and local weather safety targets adopted by the Austin City Council and championed by our prospects.”
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The 144-MWac Pflugerville Solar venture will generate sufficient power to energy roughly 27,000 properties. The energy plant will make the most of roughly 489,600 items of Canadian Solar’s high-efficiency bifacial BiKu modules throughout 932 acres in Travis County, Texas.
The engineering and development for the venture are being carried out by Signal Energy. To assist the development of the venture, in August, Recurrent Energy closed debt and tax fairness financing totaling over $234 million.
The tax fairness financing was supplied by U.S. Bank and the debt financing was supplied by a financial institution membership led by CIT Bank, which included Norddeutsche Landesbank (“Nord/LB”), Rabobank, and Zions Bank. Duke Energy Renewables will present the long-term operations and upkeep providers to the venture.
Duke Energy plans to double its enterprise extensive renewable portfolio from eight GW to 16 GW by the tip of 2025.
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