The Fort Bend solar project is the fourth investment for Acciona in Texas
Diode Ventures sells solar plant in Texas. (Credit: Diode Ventures, LLC.)
Diode Ventures, a subsidiary of Black & Veatch, has sold 100% stake in a 240MW solar project in development, located in Fort Bend County, Texas to Spanish infrastructure developer Acciona.
The solar project was acquired by Diode Ventures from global property group and contractor Lendlease in 2018.
During the construction phase, the Fort Bend solar project is expected to create nearly 300 jobs and will be within the territory of the Electric Reliability Council of Texas (ERCOT).
ERCOT is a membership-based nonprofit corporation managing electricity flow to over 26 million Texas customers.
Diode Ventures has partnered with Enfinite Capital, an investment and asset management firm, to develop the Fort Bend solar project to a Full Notice to Proceed (FNTP) state.
Diode Ventures president Brad Hardin said: “With solar power continuing to surge in demand as a cleaner, greener provider of electricity, we’re pleased to see this ambitious project advance closer to becoming a reality.
“This is another important step toward sustainability and lowering our carbon footprint in an evolving electric marketplace, and we’re proud to be part of it.”
Construction on Fort Bend solar project is expected to begin this year
The Ford Bend solar project will be connected to the grid within CenterPoint Energy’s territory and is expected to see the start of construction this year.
Through the transaction, Acciona is expanding its footprint in US solar power generation. The company now has more than 1GW in solar and wind projects owned and operated in the US and in Canada.
It already owns three wind projects in Texas and the present solar project is its fourth investment. When operational, the four renewable projects will generate over 750MW. Acciona also plans to increase it solar presence in the US to 1.6GW by 2023.
Acciona North America energy division CEO Rafael Esteban said: “We are excited to invest in Fort Bend County and to bring this solar project forward. This is an opportunity to continue our success in the State of Texas.
“The Fort Bend project will be a flagship of our US portfolio and a demonstration of our commitment to delivering value to our shareholders while advancing economic development and sustainability.”