Turkish renewable energy company Sabanci Renewables, a subsidiary of Sabanci Holdings, has acquired the under-development Oriana solar-plus-storage project from US renewables developer Advanced Power. The project, located in Victoria County, southern Texas, is set to become Sabanci Renewables' second endeavor in the state, following their purchase of the Cutlass solar project from Advanced Power last October.
The Oriana project, scheduled to commence construction in the first quarter of 2024, boasts an impressive capacity of 232MWdc, complemented by a 60MW/120MWh battery storage facility. The electricity generated at the site will be integrated into the grid managed by the Electric Reliability Council of Texas (ERCOT).
Advanced Power CEO, Thomas Spang, expressed enthusiasm about this transaction, highlighting the strength of their team in delivering value and forging long-term relationships. He stated, “We are excited to continue working with Sabanci and successfully transition Oriana Solar through its final development and into construction.”
This transaction adds to the growing list of investments in the Texas solar sector, including Southern Power's recent acquisition of a 200MW project and Enel North America and BXP's power purchase agreement signed last month. Texas, currently ranking as the second-largest US state in terms of installed solar capacity, only trailing California, is poised to lead the nation in new capacity additions over the next five years, with a staggering 40.5GW of solar capacity in the pipeline, according to the Solar Energy Industries Association.
Advanced Power is actively contributing to this solar expansion, with involvement in four projects within the ERCOT network, spanning both solar electricity generation and battery storage. The company has an ambitious plan, with 8GW of new renewable capacity in its pipeline across the United States.
