US renewables developer Advanced Power has sold its under-development Oriana solar-plus-storage project in the US state of Texas to Sabanci Renewables, a subsidiary of Turkish financial firm Sabanci Holdings.
The project is located in Victoria County, in southern Texas, and Advanced Power planned to begin construction at the project in the first quarter of 2024, ahead of commissioning the project the following year. The project itself is expected to have a capacity of 232MWdc, alongside a 60MW/120MWh battery storage facility, and power produced at the facility will be used in the grid managed by the Electric Reliability Council of Texas (ERCOT).
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The deal follows Advanced Power’s sale of its 100% interest in the 140MWdc Cutlass solar project to Sabanci Renewables last October, and the Oriana project will be the latter’s second project in the state.
“This second transaction with Sabanci demonstrates another of our team’s core strengths,” said Advanced Power CEO, Thomas Spang. “We commit to delivering value and our results create long-term relationships,”
“We are excited to continue working with Sabanci and successfully transition Oriana Solar through its final development and into construction.”
The agreement is the latest deal in the massive Texas solar sector, following Southern Power’s acquisition of a 200MW project, and Enel North America and BXP’s signing of a power purchase agreement, in the state last month. Texas boasts the second-most installed solar capacity of any US state, behind only California, and the Solar Energy Industries Association expects Texas to add the most new capacity over the next five years, with 40.5GW of solar capacity in the pipeline.
Some of this new capacity will come from other Advanced Power projects, with the company currently working on four projects within the ERCOT network, in both solar electricity generation and battery storage. Advanced Power currently has 8GW of new renewable capacity in its pipeline across the US, and will be looking to expand its US footprint in the coming years.
