Third Pillar Solar Signs Landmark $700M Floating Solar Agreement With Diamond Infrastructure

Diamond Infrastructure Solutions and Third Pillar Solar have entered into an exclusive agreement allowing the assessment and development of large-scale floating solar projects across Diamond-owned reservoirs in Texas. The collaboration aims to deploy up to 500MW of renewable energy by transforming previously unused water surfaces into clean power assets — representing one of the most ambitious floating solar initiatives in the Americas.

Under the agreement, Third Pillar Solar will evaluate the feasibility of floating photovoltaic systems across the sites, aiming to generate cost-competitive electricity and mitigate evaporation losses. According to both companies, approximately 15% of freshwater typically lost to evaporation could be conserved by installing solar panels on water.

The potential $700 million investment positions the partnership among the largest floating solar initiatives in the region. Construction is expected to begin later in the decade and is projected to support hundreds of local jobs throughout development and operations. Both companies also emphasized a focus on enhancing local supply chains and delivering long-term value for communities.

Ed Noack, CEO of Diamond Infrastructure Solutions, highlighted the environmental and economic value of the initiative, calling it “a bold step forward in how we think about infrastructure and sustainability.” Jaimeet Gulati, CEO of Third Pillar Solar, noted that floating solar provides “a cost-competitive energy solution” that preserves agricultural land and reduces visual impact.

If realized, these floating solar installations would become the largest of their kind in the Americas, setting a new benchmark for sustainable infrastructure development.