Canada-based energy company, Innergex Renewable Energy, Inc. (“Innergex”) announced the full commissioning of the sizeable 250 MW(AC) /315 MW(DC) Phoebe solar photovoltaic farm located in Winkler County, Texas. With an average annual power generation expected to be sufficient to power more than 50,000 Texan households, Phoebe is currently the largest solar farm in operation in the State of Texas.
The solar farm is sited on approximately 3,500 acres of land and is comprised of 768,000 First Solar Series 6 thin film photovoltaic solar panels that will be operated by the panel manufacturer under a 5-year operation and maintenance contract.
Michel Letellier, President and Chief Executive Officer of Innergex said:
“This has been a big year for Innergex in Texas and for our development in the United States. When we first announced the Phoebe project acquisition back in 2018, we had a goal to reach a net total installed capacity of 2,000 MW by 2020, but our impressive growth over the past two years has been such that it enabled us to achieve and even surpass our objectives well earlier than expected. We are proud to now have a total net installed capacity of 2,588 MW worldwide, and with more projects in various stages of development, Innergex is in a good position to pursue its growth.”
The total output from the Phoebe solar project will be sold to the ERCOT power grid and 89% of the energy produced will receive a fixed price under a 12-year power purchase agreement with Shell Energy North America. The remainder of the project’s output will receive a merchant market price.
Total construction costs should amount to approximately US$397.0 million (CAN$524.6 million). The US$292.1 million (CAN$386.0 million) construction financing has been partially converted into a US$111.6 million (CAN$147.5 million) 7-year term loan provided by a lender group led by CIT Group. The remaining US$180.5 million (CAN$238.5 million) was repaid by a US$184.6 million (CAN$244.6 million) tax equity investment by Wells Fargo, of which an initial US$37.2 million (CAN$49.8 million) had already been invested in June 2019.
The project should receive a federal Investment Tax Credit (ITC) sized to approximately 30% of the project’s costs.
Source: Press Release by Innergex Renewable Energy, Inc. Photo credit: © Innergex Renewable Energy, Inc.