Duke Energy Renewables is expanding its solar energy portfolio by acquiring the 200-MW Holstein solar project from 8minute solar energy in Nolan County, Texas
Duke Energy Renewables, a subsidiary of Duke Energy, is expanding its solar energy portfolio by acquiring the 200-MW Holstein solar project from 8minute Solar Energy. The project, located in Nolan County, Texas, will be the largest in Duke Energy Renewables’ fleet once complete.
Rob Caldwell, president of Duke Energy Renewables said that Texas has some of the best solar resources in the nation, making solar the most efficient and economical method of meeting the state’s energy needs.
“We’re pleased to add another Texas project to our growing renewables portfolio. The state has some of the best solar resources in the nation, making it a cost-efficient way to meet the energy needs of Texans. Besides clean energy, the project will also bring significant economic benefits to the state” Caldwell said.
The 200-MW project will contain over 709,000 solar panels across approximately 1,300 acres in Wingate, Texas. Construction began in the summer of 2019 and is expected to be completed in the summer of 2020. The Holstein solar project will power the equivalent of 40,000 homes.
Duke Energy Renewables acquired the project from 8minute Solar Energy, a leading developer of utility-scale solar projects. Much of the energy generated from the Holstein solar project will be sold through a 12-year term hedge agreement to J. Aron & Company LLC., a subsidiary of Goldman Sachs. The first solar project in Duke’s portfolio to utilise a hedge agreement.
Tom Buttgenbach, president and CEO of 8minute Solar Energy said that “there is no question in our mind that solar PV will be the dominant form of energy in Texas in the near future. We’re proud to be working with Duke Energy and our other partners on this innovative project to deliver low-cost clean power to Texas’ residents and businesses.”
The Holstein solar project will be Duke Energy Renewables’ third solar generation facility in Texas.