7X Energy divests solar project to Komipo America
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7X Energy divests solar project to Komipo America

09 Jun 2021 (Last Updated June 9th, 2021 10:04)

Upon completion, Elara is expected to become the Electric Reliability Council of Texas South Zone’s second largest solar project.

US-based solar energy company 7X Energy has divested a 130MWac solar project to Komipo America, a US subsidiary of Korea Midland Power.

Spread across a 1,700-acre area in Frio County, Texas, the Elara Energy Project is currently under construction and expected to come online in the fourth quarter of this year.

7X Energy president and CEO Clay Butler said: “With the Elara project, 7X has now successfully started more than 2,100MWdc of solar projects either in operation or under construction.

“We are extremely proud, as a team, of playing our small part in assisting future generations in achieving a more sustainable energy future.”

Renewable energy investment firm Morgan Stanley Renewables is expected to be the sole tax equity investor for the Elara project.

EDF Energy Services will purchase 30MW of the energy and environmental attributes produced by the facility under a long-term power purchase agreement. The remaining 100MW is subject to a hedge agreement with Morgan Stanley Capital Group.

Canadian energy consultant Fathom Energy will buy 100MW of renewable energy credits under a long-term purchase agreement.

Swinerton Renewable is serving as the engineering, procurement, and construction (EPC) contractor for the project. Its subsidiary SOLV will manage the operations and maintenance.

The facility, equipped with more than 435,000 Jinko solar modules, will use Nextracker components and Power Electronics Freesun HEM inverters.

During the peak construction phase, the project is expected to create 150 jobs in the region.

In its first year of operation, the facility is expected to generate 338,223MWh of renewable energy.

Komipo CEO Hobin Kim said that the Elara project is the first Texas solar project implemented by a Korean government-owned power company in response to growing worldwide efforts to reduce greenhouse emissions and combat the climate crisis.

Mr Kim said: “We are committed to expanding our renewable portfolio in the US to continue to lead and promote the growth engine of the global renewable energy industry.”

Across its lifespan, the Elara facility is expected to deliver more than $22m in total taxes to Frio County, Pearsall Independent School District and Frisco Hospital District.

In February 2019, 7X Energy divested its 100MW Lapetus solar project in Andrews County, Texas, to Duke Energy Renewables.