SB Energy to buy 1.7-GW PPA-backed solar project portfolio in US

Solar module. Author: Oregon Department of Transportation. License: Creative Commons, Attribution 2.0 Generic.

November 1 (Renewables Now) - SB Energy Global Holdings Ltd announced on Thursday it has agreed to acquire a portfolio of US solar projects with a combined capacity exceeding 1.7 GW and newly signed long-term power purchase agreements (PPAs).

SB Energy, which is a unit of Japanese conglomerate SoftBank Group Corp (TYO:9984), co-developed the five projects in this portfolio with Intersect Power LLC -- the vendor in the agreed transaction.

The table below gives more details about the projects within the portfolio and the contracts that are in place.

Project Name Capacity (in DC) Location Off-taker Name Type of Contract
Aragorn 250 MW Culberson Country, Texas Austin Energy PPA
Athos I 350 MW Riverside County, California Direct Energy Business PPA
Athos II 300 MW Riverside County, California One unnamed company Long-term REC and energy agreements
Juno 425 MW Borden County, Texas Lower Colorado River Authority (LCRA) and one unnamed company PPAs
Titan 375 MW Culberson County, Texas One unnamed company PPA

SB Energy said it will build, own and operate the five solar power facilities, with plans to start construction work early next year.

“With this acquisition, SB Energy will have 7.2 GW of solar and wind projects under long-term contract in the United States and India,” said Raman Nanda, CEO of SB Energy.

Together, the five US plants will be able to generate enough electricity per year to meet the annual consumption of about 357,000 homes. Their construction will create more than 3,000 jobs, SB Energy noted.

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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