US-based solar energy company 174 Power Global has completed financing for the first phase of the 150MW Oberon solar generation facility located near Odessa, Texas.
The Korea Development Bank and Credit Agricole Corporate and Investment Bank have agreed to provide construction and term debt whilst J.P. Morgan Chase Bank will provide an eight-year solar hedge for a portion of the project output. The total value of the project is $210m.
Additionally, the first phase of the Oberon solar project will receive tax equity from a tax equity investor.
174 Power Global president Henry Yun said: “The financing of this facility, called Oberon, marks an important milestone for 174 Power Global.
“The ongoing commitment of our investor partners plays an essential role in enabling us to produce solar power at prices that are competitive with other forms of generation.”
The first phase of the facility is spread across more than 1,200 acres of land space and includes more than 560,000 solar panels. It is expected to be completed in 2020.
The solar modules for the facility will be provided by the photovoltaic manufacturer Q Cells.
Once completed, the facility will have enough clean energy generation capacity sufficient to power more than 25,000 to 30,000 homes annually in Texas.
Oberon will be the second solar power facility which has been developed by 174 Power Global in the region.