US solar development company 7X Energy has sold the 100MW Lapetus Solar Energy Project in Andrews County, Texas to Duke Energy Renewables.
7X, the original owner and developer of the project, will hand off the final development stages of the solar project to Duke Energy, which also will manage construction and serve as the long-term owner and operator of the project. CohnReznick Capital acted as financial advisor to 7X Energy on the sale.
Located on over 320 hectares of land, the 100MW site will begin its construction phase before the end of March. This will be the first large-scale PV project developed in Andrews County and will generate approximately 150 jobs. The site is expected to begin operations by the end of 2019.
Once operational, the project’s energy output will be will be sold in SolarBlocks under a power purchase agreement negotiated by 7X and Duke Energy Renewables and will deliver electricity to ERCOT (Electric Reliability Council of Texas). Brazos Electric Power Cooperative will also purchase the energy on behalf of CoServ Electric and seven other distribution cooperative members.
Clay Butler, president and CEO of 7X Energy, 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 operation and look forward to working with Duke Energy on Lapetus through construction and successful commercial operations.”