With Taygete I, 7X achieves 900 MW of solar projects in ERCOT
AUSTIN, TX – 7X Energy, Inc. (“7X”), a leading utility-scale solar developer, owner and asset manager, announced that it has partnered with Nestlé to become the sole tax-sharing investor for its 250 MWac Taygete I energy project his (“Taygete I” or “Project”) 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.
Taygete I construction work has 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 a 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, estimated at 750,000 megawatt hours per year for 15 years. This renewable energy will help the company reduce carbon emissions while preparing household favorites like 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 in our journey to net zero by 2050. This is an aggressive goal. To achieve this, we are working on innovation across the company, from the ingredients we use to the ingredients we use The packaging that keeps our food and drinks safe, the way we manufacture and transport our products, “said Jim Wells, Nestlé USA’s chief supply chain officer. “We are proud that our investment will increase the availability of renewable energy and provide the US grid with enough solar power to power 90,000 households annually. With this move, we are on our way to reducing greenhouse gas emissions by 35%. per year. ” 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 was a great partner in the community during 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 at the forefront of power generation, such as the fact that we’re 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 and gas and solar can coexist and we are proud to be part of the solar boom in Texas! ”