Invenergy, a privately-held developer and operator of sustainable energy solutions, announced that it completed construction financing on Dec. 19, 2018 for its largest solar project to date, the 160-MW Southern Oak Solar project, located in Mitchell County, Georgia.
In May of 2018, Invenergy and Georgia Power announced a power purchase agreement for Georgia Power to buy all the energy, environmental attributes and electrical products from Southern Oak Solar through 2049. This agreement is part of the utility’s Renewable Energy Development Initiative (REDI), which is designed to advance the growth of renewable energy goals across the state of Georgia.
“The completion of construction financing for Southern Oak Solar represents far more than a financial milestone,” said Invenergy’s President and Chief Operating Officer Jim Murphy. “Southern Oak Solar is a significant transaction with leading utility Georgia Power, and it is also our largest solar project to date, firmly establishing Invenergy as a leading developer of utility scale solar projects.”
Construction on Southern Oak Solar began in September 2018, and solar panels for the project are being provided by LONGi Solar Technology (U.S.). Other major partners on the project include Renewable Energy Systems, who will construct the project, and NEXTracker for supply of the single-axis trackers and its TrueCapture control system.
According to NEXTracker, this project is the first and largest in the United States to introduce bifacial modules and trackers, producing 224 MWdc.
The facility is scheduled to begin commercial operation by year-end 2019 and will create more than 400 jobs during construction. It will provide enough renewable energy to power more than 30,000 homes. The project will generate more than $12 million in local economic development in its first 10 years of operation through tax payments, lease payments to participating landowners and wages and benefits for employees.
News item from Invenergy