7X Energy, a leader in solar development in the U.S., announced the sale of the 100-megawatt (MW) Lapetus Solar Energy Project in Andrews County, Texas, to Duke Energy Renewables. 7X, the original owner and developer, will transition the last stages of development 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, a leading investment bank serving the renewable energy industry, acted as financial advisor to 7X Energy on the sale.
Lapetus will be located on an approximately 800-acre site, and construction is expected to begin before the end of March. The project will be the first large scale solar project in Andrews County. During peak construction, the solar facility will bring approximately 150 jobs to the county and generate over $20 million in local property tax revenue. Lapetus is scheduled to begin by the end of the year.
Once operational, the solar energy from Lapetus will be sold in SolarBlocks under a power purchase agreement (PPA) negotiated by 7X and Duke Energy Renewables and will deliver electricity to ERCOT (Electric Reliability Council of Texas). Brazos Electric Power Cooperative, Inc. will purchase the energy on behalf of CoServ Electric and seven other distribution cooperative members.