Clearway Energy Group (Clearway) has announced the successful completion of its Texas Solar Nova complex, boasting a capacity of 452 MW in Kent County, Texas. This project, executed in two phases, is poised to generate electricity sufficient to power over 190,000 homes annually. Representing a substantial investment of $660 million in West Texas, the project is anticipated to significantly bolster the local tax base, with an initial injection of approximately $5.4 million in property taxes and wages in its inaugural year.
Valerie Wooley, Senior Vice President of Origination at Clearway, expressed gratitude to various stakeholders including local officials, suppliers, construction partners, and customers for their integral roles in bringing the Texas Solar Nova complex to fruition. She highlighted the project’s contribution to delivering renewable power to the ERCOT grid, underscoring the commitment of Clearway’s partners such as Verizon, SKF, and Toyota Boshoku America in advancing their decarbonization objectives through offtake agreements.
Clearway’s agreements with Verizon will aid the company in sourcing fifty percent of its total annual electricity consumption from renewable sources by 2025, aligning with its ambition to achieve net-zero emissions in its operations by 2035. These agreements also support Citizen Verizon, Verizon’s responsible business plan aimed at economic, environmental, and social progress.
Additionally, a portion of the renewable attributes from the solar projects will assist SKF and Toyota Boshoku America in fulfilling their decarbonization targets through Renewable Energy Certificate (REC) purchases.
The construction of the Texas Solar Nova complex involved over 400 craftworkers contributing more than 500,000 injury-free labor hours. Situated on approximately 5,000 acres of land and featuring over 1.1 million solar panels, the project stands as a testament to Clearway’s commitment to renewable energy development.
Clearway, in partnership with Mortenson, provided support to local organizations during construction, including the Texas Leadership Charter Academy-Secondary campus and the Spur Texas Community Food Bank, among others.
Financing for the project was facilitated through a consortium comprising Natixis, DNB, MUFG, NordLB, and Societe Generale, totaling approximately $700 million in construction financing commitments and $182 million in term loan commitments. Clearway also secured tax equity and cash equity from HASI in partnership with Clearway Energy, Inc.
