• September 17, 2019

Construction financing closed for the $210 million first phase of solar plant - Odessa American: Business

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Construction financing closed for the $210 million first phase of solar plant

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Posted: Thursday, September 12, 2019 11:58 am

Irvine, Calif.-based 174 Power Global has announced the closing of construction financing for the $210 million 150 megawatt first phase of a solar power plant near Odessa.

Credit Agricole Corporate and Investment Bank and the Korea Development Bank are providing construction and term debt. J.P. Morgan Chase Bank, N.A., is providing an eight-year solar hedge for a portion of the project output. Additionally, a leading tax equity investor has provided a commitment to provide tax equity for this first phase, a news release said.

“ The financing of this facility, called Oberon, marks an important milestone for 174 Power Global. The ongoing commitment of our investor partners plays an essential role in enabling us to produce solar power at prices that are competitive with other forms of generation,” 174 Power Global President Henry Yun said in the release.

Q CELLS, one of the world’s largest photovoltaic manufacturers, will supply the solar modules for the Oberon project.

This first phase of the Oberon plant, which spans more than 1,200 acres and comprised of more than 560,000 solar panels, will generate enough electricity to power 25,000 to 30,000 Texas homes annually with clean, renewable energy, when completed in the spring of 2020.

Oberon is the second solar generation facility 174 Power Global has developed in Texas, further solidifying the state’s position as a leader in renewable energy, the release said.

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