Nestlé and 7X Energy, Inc. have teamed up to make Nestlé the sole tax-sharing investor in 7X Energy’s 250 megawatt Taygete 1 solar energy project in Pecos County, Texas. This project will complement 7X’s 1,350 MW solar projects that are successfully operating or under construction in Texas. Together, the solar projects represent a capital injection of over $ 1.5 billion. Construction of the Tagyete 1 Solar in Texas is currently complete and the site is expected to be online and fully commercial in early 2021. Under the new contract, 7X Energy will also be the asset manager, while some of the energy from the Taygete 1 solar project will be sold to J. Aron & Company LLC., A subsidiary of Goldman Sachs, under a long-term security agreement.
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Nestlé is the sole tax equity investor in the Taygete 1 project and to date is the company’s largest direct investment (by capacity) in a renewable energy project. In addition to its tax equity stake, Nestlé will receive 100% of the renewable energy generated by the project’s power generation Acquire power attributes estimated at 750,000 MW hours per year for 15 years. These renewable energies will help the company reduce CO2 emissions.
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 contract with 7X Energy. The Taygete I solar project created over 300 jobs during the construction phase. During the entire lifetime of the facility, the project is expected to generate tens of millions of euros in real estate tax income for the district.
Jim Wells, Nestlé USA’s Chief Supply Chain Officer, said: “Nestlé’s investment in Taygete I is an important milestone in our journey to net zero by 2050. This is an aggressive goal, and to achieve it we are working on innovation across the company from the ingredients we use to the packaging that keeps our food and beverages safe, to the way our products are made and shipped. “