8minute puts online 200-MW solar park for Duke’s fleet in Texas

8minute Solar Energy has brought online the 200-MW Holstein solar park in Texas that it sold to a unit of utility Duke Energy (NYSE:DUK) a year ago.

Last summer, Duke Energy Renewables purchased the under-construction project, while 8minute continued to oversee all development aspects of the scheme until commercial operations were achieved. This is 8minute’s first operational solar park in Texas, the developer said on Tuesday.

The photovoltaic (PV) park, with a direct current (DC) capacity of 280 MW, is located in Texas’ Nolan County and uses more than 709,000 panels that will be capable of generating electricity for around 40,000 homes. The complex, covering an area of 1,300 acres, will be operated and maintained by First Solar (NASDAQ:FSLR) for five years. Most of its output will be sold under a 12-year term hedge agreement with J Aron & Co LLC, a unit of Goldman Sachs (NYSE:GS).

Tax equity investment for the scheme was provided by SunTrust, while CIT Group and a consortium of banks extended the construction loan, letter of credit and term loan facility. Blattner Energy took care of the construction works.

“In a state with no solar mandate, and where competition is purely on price, our success with Holstein and our other Texas projects are proof positive that solar will power the future,” said Tom Buttgenbach, president and CEO of 8minute. Apart from this project, the California-based company has four more projects in the state, all of which in late development stages.

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