US developer Solar Proponent (SolarPro) has executed 1600MW (ac) of power purchase agreements (PPAs) across four projects in Texas with an undisclosed technology company.
The signing of these PPAs in late 2024 capped an active year for SolarPro, which recently sold a 780MW (dc) project in the south zone of the ERCOT market in Texas that will commence on-site construction in early 2025 and another 1.6GW of solar projects in ERCOT’s north zone that just commenced construction.
SolarPro is backed by EnCap Investments, a provider of equity capital to the independent sector of the US energy industry, Yorktown Partners, an energy-focused private equity firm, and Mercuria Energy.
“We appreciate the strong support from our sponsors, who have been critical in helping shepherd our strategy, notably facilitating the raise of a $300 million credit facility to support posting interconnection and power purchase agreement security … Solar Proponent is now seeking partners to contract, finance and build its 2.2 GWAC portfolio of ERCOT North and South Zone development projects,” said SolarPro chief executive Cassandra Rinaldo.
She added, “The ability to contract this volume over four projects speaks to the quality of development by the Solar Proponent team.
“Strong corporate interest has been essential to enabling financing of new power capacity to meet growing demand.
“These projects will provide needed energy capacity to support a growing ERCOT power market and aid our counterparty in achieving its decarbonization goals.
“We are proud to serve the Texas market which continues to lead the country in the expansion of renewables.”