Solar Proponent Signs Power Purchase Agreements For 1.6 GWAC Solar Capacity, Advancing Renewable Energy Goals

Solar Proponent LLC, a top developer of large-scale solar and storage projects in Texas, has signed agreements to deliver 1.6 GWAC of power across four projects in the state. The agreements are with a major technology company and represent a significant step in expanding clean energy solutions. The company is supported by EnCap Investments L.P., a key equity provider in the U.S. energy sector; Yorktown Partners LLC, a private equity firm focused on energy; and Mercuria Energy, one of the world’s largest independent energy and commodity groups.

Cassandra Rinaldo, Chief Executive Officer at Solar Proponent, stated, “The ability to contract this volume over four projects speaks to the quality of development by the Solar Proponent team. Strong corporate interest has been essential to enabling financing of new power capacity to meet growing demand. These projects will provide needed energy capacity to support a growing ERCOT power market and aid our counterparty in achieving its decarbonization goals. We are proud to serve the Texas market which continues to lead the country in the expansion of renewables.”

He further added, “We appreciate the strong support from our sponsors, who have been critical in helping shepherd our strategy, notably facilitating the raise of a $300 million credit facility to support posting interconnection and power purchase agreement security. Meanwhile, Solar Proponent is wrapping up construction management of the largest solar project in the Houston zone which is expected to be operational in early 2025. Solar Proponent is now seeking partners to contract, finance and build its 2.2 GWAC portfolio of ERCOT North and South Zone development projects.”

In December 2024, Solar Proponent finalized power purchase agreements (PPAs) totaling 1.6 GWAC, marking the end of a busy year. The company also sold a 780 MWDC solar project in South Texas, with construction set to begin in early 2025, and started construction on 1.6 GW of solar projects in North Texas. These milestones highlight Solar Proponent’s commitment to advancing renewable energy across the ERCOT region.