Duke Energy scoops up 8minute’s 200MW Texan PV project

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
The Texan acquisition takes Duke Energy Renewables' portfolio to 3GW, over 1GW of which is solar PV (Credit: Duke Solar)

Duke Energy Renewables is to develop its largest-ever renewable venture after acquiring a financially-ready 200MW Texan project from 8minute Solar Energy.

The firm recently took over the Holstein scheme, in Texas’ Nolan County, just as it secured US$204.5 million in debt from lead arranger CIT Group and four other banks.

The project, under construction since earlier this summer, will feature 709,000 solar panels at a 1,300-acre site in the North Texan community of Wingate.

The 200MW venture should be fully built by summer 2020, employing 400 people at peak stage and leading to power supply covering the needs of 40,000 homes.

The bulk of Holstein’s solar power will be sold via a 12-year term hedge agreement – the first such deal ever entered by a solar project by Duke – with Goldman Sachs' subsidiary J. Aron & Company.

The CIT-led consortium of banks backed the project with a construction loan, letter of credit and term loan facility, while bank SunTrust helped boost financing via an equity tax investment.

“There is no question in our mind that solar PV will be the dominant form of energy in Texas in the near future,” said 8minute CEO Tom Buttgenbach in a statement after his firm’s sale.

US solar body SEIA and consultancy Wood & Mackenzie singled out the Lone Star state in March as a bullish new entrant to US PV installations, with roll-out in 2018 only surpassed by California’s.

Duke Energy Renewables claims to own a 3GW portfolio of wind and solar, having broken the 1GW mark for owned PV assets this year after taking over Clearway’s 150MW Californian project.

Earlier this month, the firm bagged a victory in Florida as the state’s public service commission gave the go-ahead to a 194MW pipeline of three PV projects, finding them to be “cost effective”.

The prospects of solar and storage finance in Texas and beyond will take centre stage at Solar Media's Solar & Storage Finance USA, to be held in New York on 29-30 October 2019

Read Next

May 7, 2021
Danish utility giant Ørsted has completed its first utility-scale solar-plus-storage facility in the US.
PV Tech Premium
April 27, 2021
The fallout from February’s winter storm in Texas could see new legislation enacted that would shift the cost of ancillary services onto renewable energy projects, potentially derailing solar deployment in a state that is currently on track to surpass California and become the US’ leading PV market. Jules Scully speaks to the market to determine the risk posed to solar as a result.
April 22, 2021
One-third of utility-scale solar set to come online in the US in the next two years will be in Texas, as the state catches up with California, according to new figures from the country’s Energy Information Administration (EIA).
April 20, 2021
Amazon has announced plans for nine new utility-scale solar and wind projects in the US, Canada, Spain, Sweden and the UK, putting it on track to powering all its activities with renewables by 2025.
April 16, 2021
Three US utilities have hit out at proposed changes to Texas’s energy market that they say would lead to new costs for solar facilities and curb investment in the state’s renewables sector.
April 14, 2021
Meyer Burger is on track to start shipments of its first heterojunction (HJ) solar modules made in Germany to distributors in July.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
May 26, 2021
Session 1 - 7:00 AM (BST) | Session 2 - 5:00 PM (BST)
Solar Media Events
June 15, 2021
Solar Media Events
July 6, 2021
Solar Media Events
August 24, 2021