Pattern Energy Group announced it has successfully completed financing and started construction of its 105-MWDC Phoenix Solar Project located in Fannin County, Texas. ING Capital LLC provided construction and term project financing and tax equity was provided by RBC Community Investments (RBC), a subsidiary of RBC.
“This project is a win-win for Fannin County residents as it creates many benefits, including up to 200 jobs and more than $15 million in revenue for local schools and the county, while generating clean power for 20,000 homes,” said Mike Garland, CEO of Pattern Energy. “Phoenix Solar is one of many solar projects we have in development across Texas and around the world. Clean energy projects make sense for communities because they are the cheapest form of new power and their investments return jobs, growth and positive economic impact in the rural areas where they are developed.”
“RBC is pleased to expand our longstanding relationship with Pattern Energy through the syndication of solar investment tax equity on this landmark transaction,” said Yonette Chung McLean, managing director at RBC. “The ability to close on the tax equity for Phoenix Solar during a global pandemic demonstrates the market’s confidence in Pattern Energy and the strength of RBC’s tax equity platform. We look forward to the successful completion of the Phoenix Solar Project.”
Phoenix Solar is expected to be completed in mid-2021. The project has a 12-year power purchase agreement with Digital Realty, a global provider of carrier- and cloud-neutral data center, colocation and interconnection solutions. Digital Realty contracted 78% of the project’s total capacity, approximately 65 MWAC, with the remainder held by Pattern Energy Group. With the addition of this solar project, Digital Realty’s entire Greater Dallas portfolio will be powered by 70% renewable energy once the Phoenix Solar project reaches commercial operation.
“We are pleased to be able to expand access to renewable energy for our customers while making additional progress towards our Science Based Target Initiative carbon emissions reduction commitment,” said Aaron Binkley, senior director of sustainability at Digital Realty. “The Phoenix Solar Project supplies renewable energy at scale in proximity to our Dallas data centers, expanding on our ongoing efforts to enhance local sustainable business practices across our global portfolio.”
Phoenix Solar will use First Solar Series 6 modules and NEXTracker NX Horizon trackers. Mortenson Construction is providing engineering and construction services for the project.
Pattern Energy acquired the development rights to the Phoenix Solar project in 2018 from Alpin Sun, a solar developer. The project expands Pattern Energy’s existing operating platform in Texas where the company has 871 MW of wind power in operation at four facilities across the state.
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