- Press Releases
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.