Innergex Renewable Energy has acquired the 315MW Phoebe solar farm in Texas from Longroad Energy Partners for an undisclosed amount.
Construction will start shortly in Winkler County and commercial operation is expected in the third quarter of 2019.
Financial close has also been reached, Innergex said.
The project will comprise modules produced by First Solar, which will also provide operations and maintenance for five-years.
Shell Energy North America will buy 89% of the output from Phoebe, with the rest sold on the merchant market.
Total construction costs are estimated at $397m, of which Innergex will fund $105m in equity with the remainder long-term project financing led by CIT Group’s energy finance unit.
Innergex president and chief executive Michel Letellier said: “We are very much looking forward to breaking ground on our largest solar project to date.
“I am confident that our experience and expertise in developing and managing renewable energy projects will ensure the successful completion of the Phoebe project and demonstrate our commitment to growing our diversified portfolio of assets.”
Image: First Solar
Innergex snags Texas mega-solar
By EBS