BayWa r.e. has completed the sale of the 266 MW DC (200 MW AC) Corazon I Solar plant and the 200 MW (400 MWh) Guajillo storage project to Eni New Energy US Inc.
Located in Webb County, Texas, the Corazon I Solar plant began operations in August 2021, while the Guajillo storage project is expected to reach an operational stage before the end of 2023.
“We’re pleased to complete the sale of Corazon I and Guajillo assets to Eni New Energy US, a company that is well positioned to build upon the progress we have made and deliver clean, reliable energy to Texas,” says Fred Robinson, CEO of BayWa r.e. Solar Projects LLC. “We are also excited to partner with Eni to manage the plant operations of Corazon through our services business, BayWa r.e. Operations Services, LLC.
“As we focus on our core strategies to grow our footprint in the U.S. market, this deal allows BayWa r.e. to reinvest capital in the company’s development pipeline across the country, including projects in ERCOT,” adds Robinson. “We’re excited to ‘r.e.think’ energy and deliver progressive solutions into a rapidly growing market that will continue to thrive as we see the increasing implementation of utility-scale solar together with storage.”
BayWa r.e. acquired Corazon I as an early-stage project in 2019 and the project reached commercial operation in August of 2021. The company worked with the North American Development Bank, along with a syndicate of three other lenders, to sign a credit agreement for up to $216.1 million to finance the design, construction and operation of the Corazon I project.
BayWa r.e. partnered with local agencies on permitting and establishing a tax structure that will provide more than $30 million in tax revenue over the 35-year project life to support the local community. The electricity and renewable energy credits generated are being sold to a retail energy provider through a long-term power purchase agreement and in the wholesale electricity market.