US solar developer 7X Energy Inc said today it has sold its 130-MW Elara solar project in Texas to KOMIPO America Inc, a subsidiary of Korea Midland Power Co Ltd.
Located in Frio County, the solar park is currently under construction and is due to become fully operational in the fourth quarter of 2021. Morgan Stanley Renewables Inc is expected to be the sole tax equity investor for the project.
The scheme is underpinned by three long-term offtake agreements. 7X Energy said that, as previously announced, 30-MW of Elara’s energy and environmental attributes will be sold to EDF Energy Services. There is a long-term hedge agreement with Morgan Stanley Capital Group Inc for 100 MW of energy and a 100-MW renewable energy certificate (REC) purchase agreement with Fathom Energy LLC.
7X Energy president and chief executive Clay Butler said that with Elara, the company has originated more than 2,100 MW direct current (DC) of solar projects either in operation or under construction.
According to the announcement, this is the first Texas solar project implemented by a Korean government owned power company. “We are committed to expanding our renewables portfolio in the U.S. to continue to lead and promote the growth engine of the global renewable energy industry,” said KOMIPO chief executive Hobin Kim.
The engineering, procurement and construction (EPC) contractor is Swinerton Renewable and a Swinerton subsidiary will oversee the project’s operations and maintenance. The solar farm features Nextracker components, Power Electronics Freesun HEM inverters and more than 435,000 modules provided by JinkoSolar Holding Co Ltd (NYSE:JKS).
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