Avantus offers most of 147-MWp Texas solar project to Allianz
- United States solar developer Avantus, formerly referred to as 8minute Solar Energy, on Thursday said it has actually sold a 147-MW DC solar project in Texas to asset manager Allianz Capital Partners, part of the Allianz Group, keeping a minority risk in the scheme.
The purchase concerns the Galloway 2 Solar Project in Central Texas' Concho County, which is anticipated to get in peak building and construction in the following couple of weeks. Initial works are already ongoing at the site.
Galloway 2 is prepared to go online in 2023 and is anticipated to generate electricity for regarding 60,000 individuals. The project has in place a long-term power purchase arrangement (PPA) with EDF Energy Services, which will supply the generation to BASF under its commercial as well as industrial retail power company.
Complying with the deal, Avantus will continue to look after the project's procurement, building and also asset management. UK-based RES is handling the engineering, procurement as well as building (EPC). The project is backed by building financing arranged by CIT and tax equity financial investment by Tenaska.
The sale of Galloway 2 is Avantus' second transaction with the Allianz Group. It follows the divestment of the 67-MW Lotus solar park in California to Allianz Global Investors in 2019, which was brought stay in the following year.