Cubico's 162-MW solar park in Texas starts feeding power

Image by: Cubico Sustainable Investments.

November 17 (Renewables Now) - Power deliveries to the grid have kicked off from Cubico Sustainable Investments’ 162-MW Wagyu solar park in Texas.

The power plant’s commissioning was announced on Monday by Cypress Creek Renewables, the developer of the project. Cubico, the renewables investor backed by Ontario Teachers’ Pension Plan and PSP Investments, became the owner of the asset in January last year when it purchased a five-project portfolio totalling 580 MW from Cypress Creek.

Located near Houston, in Brazoria County, the photovoltaic (PV) park was built by UK-based Renewable Energy Systems (RES). It has in place a 15-year power purchase agreement (PPA) with coffee chain Starbucks (NASDAQ:SBUX) and a 12-year physical hedge with BP Plc (LON:BP).

Debt financing for the project was extended by HSBC, Nord/LB and Rabobank, with US Bank providing tax equity.

Cypress Creek is the asset manager and will also take care of the plant’s operations and maintenance. The company noted that Wagyu is its largest project in its development portfolio to date.

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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.

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