US-based solar developer 174 Power Global Corporation, an affiliate company of business conglomerate in South Korea Hanwha Group, announced the closing of construction financing for the $210 million 150 MW first phase of a solar power plant near Odessa, Texas.
Credit Agricole Corporate and Investment Bank and the Korea Development Bank are providing construction and term debt. J.P. Morgan Chase Bank, N.A. is providing an eight-year solar hedge for a portion of the project output. Additionally, a leading tax equity investor has provided a commitment to provide tax equity for this first phase.
174 Power Global President Henry Yun stated:
“The financing of this facility, called Oberon, marks an important milestone for 174 Power Global. The ongoing commitment of our investor partners plays an essential role in enabling us to produce solar power at prices that are competitive with other forms of generation.”
Q CELLS, one of the world’s largest and most recognized photovoltaic manufacturers, will supply the solar modules for the Oberon project.
This first phase of the Oberon plant, which spans more than 1,200 acres and comprised of more than 560,000 solar panels, will generate enough electricity to power 25,000 to 30,000 Texas homes annually with clean, renewable energy, when completed in the spring of 2020. Oberon is the second solar generation facility 174 Power Global has developed in Texas, further solidifying the state’s position as a leader in renewable energy.
With deep expertise across the full spectrum of the project development cycle, 174 Power Global works closely with landowners, local communities, financial investors and other partners to build highly productive, utility scale solar power plants throughout North America. Since its formation in 2017, 174 Power Global has signed nearly two gigawatts (GW) of power purchase agreements and has over six GW of additional projects in the development pipeline. The Company was ranked as the 2018 #1 solar project development company in the United States by Wood Mackenzie.
Source: Press Release by 174 Power Global.