Avantus sells most of 147-MWp Texas solar project to Allianz
The Lotus solar farm in California. Source: 8minute Solar Energy
US solar developer Avantus, previously known as 8minute Solar Energy, on Thursday said it has sold a 147-MW DC solar project in Texas to asset manager Allianz Capital Partners, part of the Allianz Group, keeping a minority stake in the scheme.
The transaction concerns the Galloway 2 Solar Project in Central Texas’ Concho County, which is expected to enter peak construction in the next few weeks. Initial works are already ongoing at the site.
Galloway 2 is planned to go online in 2023 and is expected to generate electricity for about 60,000 people. The project has in place a long-term power purchase agreement (PPA) with EDF Energy Services, which will supply the generation to BASF under its commercial and industrial retail power business.
Following the deal, Avantus will continue to oversee the project’s procurement, construction and asset management. UK-based RES is handling the engineering, procurement and construction (EPC). The project is backed by construction financing arranged by CIT and tax equity investment by Tenaska.
The sale of Galloway 2 is Avantus’ second transaction with the Allianz Group. It follows the divestment of the 67-MW Lotus solar park in California to Allianz Global Investors in 2019, which was brought live in the following year.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.