BayWa r.e., a leading global renewable energy developer, services and systems provider, completed the sale of the 266MWdc/200 MWac Corazon I Solar plant and the 200MW/400 MWh Guajillo storage project to Eni New Energy US. Located in Webb County, Texas, the Corazon I Solar plant began operations in August 2021, while the Guajillo storage project is expected to reach an operational stage before the end of 2023.
Corazon I, among the largest projects in Texas, produces more than 500GWh a year, reducing approximately 250kt of CO2 emissions annually. BayWa r.e. acquired Corazon I as an early-stage project in 2019 and the project reached commercial operation in August of 2021. The North American Development Bank, a syndicate of three other lenders, and developer BayWa r.e. signed a credit agreement for up to $216.1 million to finance the design, construction, and operation of the project, which is located on nearly 2,000 acres of private land.
The Guajillo storage project will use the same interconnection facilities as Corazon I and will support the grid by storing energy when generation is high and delivering it during periods of peak consumption.
“As we focus on our core strategies to grow our footprint in the US market, this deal allows BayWa r.e. to reinvest capital in the company’s development pipeline across the country, including projects in ERCOT,” said Fred Robinson, Chief Executive Officer of BayWa r.e. Solar Projects LLC
BayWa r.e. partnered with local agencies on permitting and establishing a tax structure that will provide more than $30 million in tax revenue over the 35-year project life to support the local community. The electricity and renewable energy credits generated are being sold to a retail energy provider through a long-term power purchase agreement (PPA), and in the wholesale electricity market.
In December 2019, Eni New Energy US Inc., a subsidiary of the Italian energy company, Eni, signed a strategic agreement with Falck Renewables North America Inc. to create a joint platform (Novis Renewables) for developing renewable energy projects in the United States.
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