7X Energy Sells 100MW Solar Project to Duke Energy Renewables
- Feb 20, 2019
Austin-based 7X Energy has sold Lapetus Solar Energy Project in Andrews County, Texas, to Duke Energy Renewables. CohnReznick Capital, an investment bank serving the renewable energy industry, served as the seller’s financial advisor.
The 100-megawatt solar farm is currently in its final stages of development and 7X—the original owner and developer—will hand it over to Duke Energy, which will also manage construction and serve as the long-term owner and operator of the project. Lapetur will occupy approximately 800 acres. Construction is scheduled to begin before the end of March, marking the first large scale solar project in the county. Commercial operation is anticipated to begin by year’s end.
Once operational, the facility’s solar energy will be sold in SolarBlocks under a power purchase agreement arranged by 7X and Duke Energy Renewables, and delivered to the Electric Reliability Council of Texas. Brazos Electric Power Cooperative will buy the solar energy on behalf of CoServ Electric and seven other distribution cooperative members.
“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,” Clay Butler, president & CEO of 7X Energy, said in prepared remarks.
“This transaction underscores the growing demand for renewable energy and the many economic and employment opportunities continued development brings,” added Frank Palladino, managing director at CohnReznick Capital.
Image courtesy of 7X Energy