Clearway Energy Group has successfully reached financial close for a significant 500-MW solar and energy storage development in Hopkins County, Texas. The company announced the launch of construction for the project, marking a substantial step forward in the region's renewable energy landscape.
The project, which has an estimated cost of USD 665 million (EUR 602.5 million), has secured financing from a consortium of lenders, including Societe Generale, KeyBanc Capital Markets Inc, Lloyds Bank Plc, as well as the New York branches of Australia and New Zealand Banking Group Limited, BBVA, and Commerzbank AG.
The financing will be allocated towards the construction of the Pine Forest solar farm, which has a capacity of 300 MW, along with a standalone energy storage system capable of storing 200 MW. Clearway anticipates that both facilities will achieve commercial operation by 2025, contributing significantly to the renewable energy supply in Texas. During the construction phase, the project is expected to generate approximately 350 jobs, providing a boost to the local economy.
Pine Forest Solar has secured contracts under virtual power purchase agreements (vPPAs) with major corporate entities, including Dell Technologies Inc. (NYSE: DELL) and tobacco merchant Universal Corp (NYSE: UVV). These agreements underline the increasing trend of corporations seeking to source clean energy for their operations, further propelling the demand for renewable energy projects.
In addition to the construction and operational aspects, Clearway is currently in discussions with corporate partners regarding the transfer of specific clean energy tax credits associated with the Pine Forest project.
