Tri Global Energy, a independent renewable energy originator and developer in the U.S., announced an agreement to sell the 180-megawatt Flatland Solar project located in Texas, to Silverpeak, an alternative investment firm focused on real estate, energy and credit.
Flatland Solar is Tri Global Energy’s first solar project in development in Texas and this is now the second venture completed between Silverpeak and Tri Global.
Located in Scurry County, nearly 100 miles south of Lubbock, Texas, Flatland Solar is a 950-acre secured site, expected to break ground later this year. Nearly 690,000 solar panels will be installed as part of the construction process with expansion possible during later phases. The energy generated from Flatland Solar will be delivered to the ERCOT grid.
Tri Global Energy will maintain its role as lead developer through project financing and construction. Great Bay Renewables, a subsidiary of Altius Renewable Royalties, has provided royalty nancing in support of Tri Global Energy completing project development.
The transaction follows a deal announced in October in which Silverpeak acquired a late-stage 360 MW wind project in Electric Reliability Council of Texas (ERCOT) from Tri Global Energy.
John Billingsley, Chairman and CEO of Tri Global Energy said:
“As our first utility-scale solar energy project, Flatland Solar represents a significant milestone for us as a developer of clean energy projects. We’re pleased to share this achievement with Silverpeak, an outstanding company which shares our mission for creating renewable energy solutions.”
Santosh Raikar, Head of Silverpeak’s Renewables group said:
“Flatland Solar adds diversity to our growing portfolio of renewable energy assets and benefits from the high insolation level in West Texas, which is among the highest in the U.S. This transaction further bolsters our relationship with Tri Global, and we look forward to working with them closely to successfully complete the project.”
Congressman Jodey Arrington (R-Texas) who represents Scurry County as part of his Congressional District 19 said:
“West Texas has long been known for its vast oil and gas resources. However, renewable energy projects like Flatland Solar are helping the Lone Star State diversify its energy sources, strengthen America’s energy independence and further its role as the leader in both conventional and renewable energy.”
Source: Press Release by Tri Global Energy and Silverpeak. Photo credit: © Tri Global Energy via Business Wire.