Adapture Renewables has financed the Rippey Solar project with in-house capital
Utility-scale solar projects developer Adapture Renewables has closed the acquisition of 81MW Rippey Solar project from PV solar cells manufacturer Hanwha Q CELLS.
The solar project is located 90 miles (145km) north of Dallas, in Cooke County, Texas, and has reached commercial operation in December 2020.
Q CELLS had acquired the project during mid-development stage, and completed development work last year. Construction on the solar project commenced in April 2020.
Rippey Solar is said to underline the company’s position as a vertically-integrated supplier of modules, developer, and engineering, procurement, and construction (EPC) manager.
The project leverages Q CELLS’ high-performance Q.PEAK DUO L-G8.3 and L-G8.2 modules, which are designed for commercial and utility applications.
The modules would combine advanced cell technology and cell interconnection to deliver enhanced yields and low levelised cost of energy (LCOE), said the company.
Hanwha Q CELLS USA Corp. senior vice president JK (Jaekyu) Lee said: “We’re very proud to partner with Adapture Renewables, Inc. to bring this project to completion.
“The seamless integration between our development, EPC, and module supply teams facilitated a very efficient transaction during a challenging time in the capital markets due to Covid-19.”
Adapture Renewables’ total US solar portfolio expands to 239MW
Adapture Renewables has financed the Rippey Solar project with in-house capital, and would own and operate the project for the long-term.
With the new acquisition, the company increases its total portfolio of solar energy generating assets to 239MW across the country, including 95MW in Texas.
Backed by KIRKBI, Adapture Renewables is a solar project developer, owner and operator.
Adapture Renewables COO Donald Miller said: “We take a deliberate approach to project selection and acquisition, adding only high-quality assets to our growing portfolio.
“The team at Q CELLS delivered a first-class facility with the Rippey project, and we’re looking forward to our new role as long-term neighbors, providing renewable energy to Texas consumers.”
Through the acquisition, the company was expected to expand its presence into the US solar and storage market.