7X Energy partners with Nestlé to complete financing for 250 MW PV project in Texas
Post date: 15/12/2020 - 11:50
Texas-based utility-scale solar development company 7X Energy Inc. has partnered with Nestle to be the sole tax equity investor for its 250 MW »Taygete I« energy project located in Pecos County, Texas. Construction activities are complete, and the project is in the final energization phase with full commercial operation expected in early 2021. 7X Energy, the project owner, will also be the asset manager.
The facility, covering approximately 2,000 acres, used Nextracker components, Power Electronic Freesun HEM inverters, and over 856,000 Jinko modules. Swinerton Renewable Energy constructed the solar project under an engineering, procurement, and construction (EPC) contract with 7X Energy.
A portion of the energy generated from the solar project will be sold through a long-term hedge agreement to J. Aron & Company, a subsidiary of Goldman Sachs. The other power purchaser is an unnamed entity. CIT was the coordinating lead arranger and the other lenders included Deutsche Bank, National Bank of Canada, CIBC, Rabobank, and Amalgamated Bank. Marathon Capital acted as the exclusive financial advisor to Nestlé on the transaction.
According to the company, 7X has now originated 1,350 MW of solar projects either in operation or under construction in Texas. The projects combined represent a capital injection of over $1.5 billion dollars.