Solar continued to lead as a source of new electric generation capacity. Of the 12.2 GW of capacity added to the grid up to April, 9.5 GW was solar. Solar represented 77.7% of capacity additions, followed by wind (18%) and natural gas (4%).
Developers are closing portfolio finance deals, transferring projects, and activating solar facilities across the United States.
Texas
OCI Energy sold Project Lucky 7 Solar to Sabanci Renewables. The 130 MW solar project is located in Hopkins County, Texas.
Spanning approximately 745 acres, Lucky 7 Solar is expected to reach commercial operation in 2027. OCI Energy developed the project, and Sabanci Renewables is expected to handle construction and operations.
Sidley Austin LLP provided legal services to OCI Energy and Troutman Pepper Locke LLP provided legal services for Sabanci Renewables.
Sabanci Renewables is a wholly owned subsidiary of Sabancı Holding, one of Türkiye’s leading holding companies. The company said it is targeting to establish 3 GW of renewable portfolio in the U.S. by the end of 2030. With Cutlass II and Oriana Solar, Sabanci Renewables owns 504 MW of capacity.
New Mexico
National Renewable Solutions announced its Shallow Basket Energy project in Rio Arriba County, New Mexico is now operating. The 140 MW solar project includes a 50 MW, four-hour battery energy storage system. Albuquerque-based Gridworks completed construction of the project.
Shallow Basket Energy is located on land owned by the Jicarilla Apache Nation. Jicarilla Apache Nation will source power produced by the project through its wholesale power supply agreement with Guzman Energy.
The project is large enough to produce the equivalent electricity demand of 38,000 homes. It includes Tesla’s grid forming technology and Megapack 2XL battery energy storage system units, which are manufactured in Lathrop, California.
Southeast, East coast, Midwest
SolAmerica Energy announced it closed on a $100 million revolving credit facility with Deutsche Bank. The funds are expected to support the company’s portfolio of distributed solar generation projects in the Southeast, East coast, and Midwest.
The revolving credit facility is expected to fund purchasing of equipment including solar modules and inverters to be used in projects as well as project construction. Deutsche Bank served as administrative agent and collateral agent on the transaction.
SolAmerica Energy is a developer, owner and operator of community solar projects, headquartered in Atlanta, Georgia. It is owned by funds managed by AB CarVal.
Since its founding in 2009, SolAmerica has developed and built over 300 MW of solar projects in 11 states across the eastern United States. The company currently has an operating portfolio and development pipeline exceeding 1.5 GW in distributed generation solar projects.
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