7X Sells 100 MW Texas Project To Duke Energy
U.S. solar developer 7X Energy Inc. has announced the sale of its 100 MW Lapetus Solar Energy Project in Andrews County, Texas, to Duke Energy Renewables.
Austin, Texas-based 7X, the original owner and developer, will transition the last stages of the project’s development to Duke Energy, which also will manage construction and serve as the long-term owner and operator. CohnReznick Capital acted as financial advisor to 7X Energy on the sale.
Lapetus will be located on an approximately 800-acre site, and construction is expected to begin before the end of March. The project will be the first large-scale solar project in Andrews County, according to 7X.
During peak construction, the solar facility will bring approximately 150 jobs to the county and generate over $20 million in local property tax revenue, estimates 7X. Lapetus is scheduled to begin operations by the end of the year.
The solar energy from Lapetus will be sold in SolarBlocks under a power purchase agreement negotiated by 7X and Duke Energy Renewables and will deliver electricity to the Electric Reliability Council of Texas. Brazos Electric Power Cooperative Inc. will purchase the energy on behalf of CoServ Electric and seven other distribution cooperative members.
“The sale of Lapetus is another milestone for 7X and advances our mission to rapidly deploy solar through innovation and agility to meet customer needs,” says Clay Butler, president and CEO of 7X Energy.