ING Capital provided construction and term project financing and RBC Community Investments has provided tax equity for the project
US-based renewable energy developer Pattern Energy Group has successfully closed financing and commenced construction on the 105MW Phoenix solar power project in Fannin County, Texas.
The construction and term project financing was provided by ING Capital, while RBC Community Investments (RBC), a subsidiary of RBC has provided tax equity for the project.
Pattern Energy is planning to use First Solar Series 6 modules and NEXTracker NX Horizon trackers for the solar project.
US-based construction company Mortenson Construction will be responsible to provide engineering and construction services for the Phoenix solar park.
Phoenix Solar project is expected to be completed in the mid of 2021
Slated to be completed in the mid of 2021, the project has a 12-year power purchase agreement with carrier- and cloud-neutral data centre operator Digital Realt.
Pattern Energy CEO Mike Garland said: “This project is a win-win for Fannin County residents as it creates many benefits, including up to 200 jobs and more than $15 million in revenue for local schools and the county, while generating clean power for 20,000 homes.
“Phoenix Solar is one of many solar projects we have in development across Texas and around the world.
“Clean energy projects make sense for communities because they are the cheapest form of new power and their investments return jobs, growth and positive economic impact in the rural areas where they are developed.”
The development rights to the Phoenix Solar project were acquired by Pattern Energy in 2018 from a solar developer, Alpin Sun.
The company said that the solar project expands its existing operating portfolio in Texas. Currently, it has an operating wind capacity of 871MW from four facilities across the state.