February 21 (Renewables Now) - Utility-scale solar developer 7X Energy Inc will sell 250 MW of power from Phase I of its Taygete solar project in Texas under an off-take deal with an unnamed Fortune 500 company.
The electricity will be sold under a multi-year fixed-price power purchase agreement (PPA), 7X Energy announced on Wednesday. It did not disclose the name of the off-taker but said it is “a large investment grade company.”
The developer has already signed an interconnection agreement for the Taygete project and is gearing to start building activities in the third quarter. The solar park is planned to be commissioned in the first quarter of 2021, generating more than 737,900 MWh of electricity in its first year of operation.
To be located in Texas, Pecos County, the Taygete project calls for an investment of over USD 300 million (EUR 264.7m). During the peak construction period, it is expected to provide employment to about 400 people.
The PPA signing comes a few weeks after 7X Energy sold its 100-MW Lapetus solar project in its home state of Texas to the renewables unit of Duke Energy (NYSE:DUK).
(USD 1.0 = EUR 0.882)