7X Energy sells 100MW Lapetus solar project to Duke Energy Renewables

  • Feb 11, 2019
  • Power Technology

US-based 7X Energy has divested its 100MW Lapetus solarpower project in Andrews County, Texas, to Duke Energy Renewables.

The deal’s financial details have not been disclosed by the companies.

Duke Energy Renewables and Distributed Energy Technology president Rob Caldwell said: “Our focus is generating cleaner energy for the state of Texas and this solar project will do just that.

“We are pleased to partner with these communities in Texas to build and own facilities that offer customers additional options to use solar energy.”

Located on an 800-acre site, construction of the Lapetus project is expected to begin before the end of March and will be the first large scale solar project in Andrews County.

Scheduled to begin by the end of the year, the project is expected to create nearly 150 jobs during the construction phase and generate more than $20m in local property tax revenue.

Once operational, energy generated by Lapetus will be sold in SolarBlock under a power purchase agreement (PPA) and will also supply electricity to Electric Reliability Council of Texas (ERCOT).

Brazos Electric Power Cooperative will purchase the clean energy generated by the project on behalf of CoServ Electric and seven other distribution cooperative members.

7X Energy president and CEO Clay Butler said: “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.

“We are committed to bringing high-quality, reliable solar projects to the operation and look forward to working with Duke Energy on Lapetus through construction and successful commercial operations.”

7X is the original owner and developer of the solar project. It will hand the last stages of development of the solar project to Duke Energy.

Duke Energy will be involved in the construction project. It will also serve as the long-term owner and operator of the project.

For this transaction, CohnReznick Capital acted as financial advisor to 7X Energy.

In January 2017, utility-scale renewable company Longroad Energy acquired a 3GW solar development portfolio in the US from 7X Energy.

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