Innergex commissioning 315 MW PV farm in Texas
Post date: 21/11/2019 - 08:38
Canadian company Innergex Renewable Energy Inc, announced the full commissioning of the 315 MW »Phoebe« solar photovoltaic farm located in Winkler County, Texas. With an average annual power generation expected to be sufficient to power more than 50,000 Texan households, »Phoebe« is currently the largest solar farm in operation in the State of Texas, says the company. It is sited on approximately 3,500 acres of land and is comprised of 768,000 First Solar Series 6 thin film photovoltaic solar panels that will be operated by the panel manufacturer under a 5-year operation and maintenance contract.
The output from the Phoebe solar project will be sold to the ERCOT power grid and 89 percent of the energy produced will receive a fixed price under a 12-year power purchase agreement with Shell Energy North America. The remainder of the project’s output will receive a merchant market price. Total construction costs should amount to approximately CAD 524.6 million (USD 397 million). The USD 292.1 million construction financing has been partially converted into a USD 111.6 million 7-year term loan provided by a lender group led by CIT Group. The remaining was repaid by a tax equity investment by Wells Fargo, of which an initial USD 37.2 million had already been invested in June 2019.
»When we first announced the Phoebe project acquisition back in 2018, we had a goal to reach a net total installed capacity of 2,000 MW by 2020, but our impressive growth over the past two years has been such that it enabled us to achieve and even surpass our objectives well earlier than expected,« said Michel Letellier, President and Chief Executive Officer of Innergex. Current total net installed capacity reached 2,588 MW worldwide.