Austin, Texas – (BUSINESS WIRE) – 7X Energy, Inc. (“7X”), a leading utility-scale solar developer, owner and asset manager, announced that it has partnered with Nestlé to be the sole tax-sharing investor for its 250 MWac Taygete I energy project ( “Taygete I” or “Project”) is located in Pecos County, Texas. 7X has now successfully commissioned 1,350 MWac solar projects that are either operational or under construction in Texas. The projects combined represent a capital injection of over $ 1.5 billion.
The construction activities of Taygete I have been completed and the project is in the final phase of energy supply. Full commercial operation is expected in early 2021. 7X Energy, the project owner, will also be the asset manager. Part of the energy generated from the Taygete I solar project will be sold to J. Aron & Company LLC., A subsidiary of Goldman Sachs, via a long-term security agreement. The other pantograph is an S&P rated company. CIT was the coordinating lead arranger, and other lenders included Deutsche Bank, National Bank of Canada, CIBC, Rabobank, and Amalgamated Bank. Marathon Capital acted as exclusive financial advisor to Nestlé on the transaction.
“Taygete I is an exciting achievement for 7X, which is now an independent power company,” said Clay Butler, President and CEO of 7X Energy. “Our expansion into property and asset management is the clear evolution for 7X as we are committed to the highest standards of design and construction while aggressively managing end-to-end costs for better access to more competitive cleaner energy to enable. ”
Nestlé is the sole tax-sharing investor in the Taygete I project. This investment is the company’s largest direct investment to date (by capacity) in a renewable energy project. In addition to its tax equity stake, Nestlé will acquire 100% of the renewable electricity attributes generated by the project’s power generation, which are estimated at 750,000 megawatt hours per year for 15 years. These renewable energies will help the company reduce CO2 emissions and prepare household favorites such as DiGiorno® pizza, Sweet Earth® meals, Purina® Pro Plan® pet food and Tidy Cats® cat litter.
“Nestlé’s investment in Taygete I is an important milestone on our way to net zero by 2050. This is an aggressive target. To achieve this, we are innovating across the company, from the ingredients we use to the packaging in which our food is kept and drinks safely, how we make and transport our products, ”said Jim Wells, Nestlé’s chief supply chain officer UNITED STATES. “We are proud that our investment will increase the availability of renewable energy and provide the US grid with sufficient solar power to power 90,000 households each year. With this step, we are on our way to achieving a 35% reduction in greenhouse gas emissions per ton of product in our US manufacturing facilities by the end of 2020. ”
The project covered around 2,000 acres and included NextTracker components, Freesun power electronic HEM inverters, and over 856,000 Jinko modules. Swinerton Renewable Energy built the Taygete I solar project under an engineering, procurement and construction (EPC) contract with 7X Energy. The Taygete I solar project created over 300 jobs during the construction phase. During the entire term of the facility, the project will generate tens of millions of euros in real estate tax income for the district.
“7X has been a great community partner in the development and construction of Taygete I. The economic benefits the project has brought to the region confirm the value of utility-scale solar energy,” said Honorable Judge Joe Shuster, Pecos County . “This county has been a leader in power generation, including number 14 in oil and gas exploration, number 5 in wind power, and number 1 in solar power in the state of Texas. The Taygete I project shows how oil, gas and solar can coexist, and we are proud to be part of the solar boom in Texas! ”
Further information on the Taygete I energy project can be found here.
About 7X energy
7X Energy, Inc. (7X) is a leading independent power company that develops, owns and provides asset management services for utility-scale solar projects. The company is independently owned and consists of a diverse team of experienced industry veterans with over 10,000 MW of collective development expertise on a supply scale. 7X has over 1,300 MW solar projects in operation or under construction and a development portfolio of 4 GW. 7X is headquartered in Austin, Texas and has regional offices in Denver, CO. San Francisco, CA; and Washington, DC Contact us at www.7x.energy.
About Nestlé in the US
Nestlé in the US is committed to unleashing the power of food to improve the quality of life for everyone today and for generations to come. We’re transforming our product portfolio by focusing on high-growth categories including pet care, bottled water, coffee, consumer health and infant nutrition, and offering brands that people love. With around 36,000 employees in 34 states, Nestlé in the US offers a broad portfolio of food and beverages for people and their pets throughout their lives. Nestlé in the United States has seven main businesses: Nestlé USA, Nestlé Waters North America, Nestlé Nutrition, Nestlé Professional, Nespresso, Nestlé Health Science and Nestlé Purina PetCare Company. The United States is Nestlé SA’s largest market with combined product sales of $ 29 billion. For more information, please visit Nestléusa.com or Facebook.com/NestléUSA.