Duke Energy Renewables acquires 200-megawatt Texas solar project from 8minute Solar Energy

Duke Energy Renewables, a subsidiary of Duke Energy, announced Monday that it acquired the 200-megawatt Holstein solar project in Wingate, Texas from 8minute Solar Energy.

The project will be the largest in Duke Energy Renewables’ fleet once complete.

“We’re pleased to add another Texas project to our growing renewables portfolio,” Rob Caldwell, president of Duke Energy Renewables, said. “The state has some of the best solar resources in the nation, making it a cost-efficient way to meet the energy needs of Texans. Besides clean energy, the project will also bring significant economic benefits to the state.”

The project includes more than 709,000 solar panels across approximately 1,300 acres. Construction began in the summer of 2019 and is expected to be completed in the summer of 2020. The project will employ up to 400 workers during peak construction.

8minute Solar Energy led the development of the project and brought the Engineering, Procurement and Construction (EPC), operation and maintenance (O&M), hedge, tax equity and debt counterparties to the project.

“There is no question in our mind that solar PV will be the dominant form of energy in Texas in the near future,” Tom Buttgenbach, president and CEO of 8minute Solar Energy, said. “We’re proud to be working with Duke Energy and our other partners on this innovative project to deliver low-cost clean power to Texas’ residents and businesses.”

A significant portion of the energy generated from the Holstein project will be sold through a 12-year term hedge agreement to J. Aron & Company LLC., a subsidiary of Goldman Sachs. The project is the first Duke Energy Renewables solar project to utilize a hedge agreement.