Nationwide and Sol Systems, say their joint venture, Helios Infrastructure, has completed the purchase of four operating Texas solar projects – totaling 47 MW – from Cypress Creek Renewables.
Nationwide, Sol Systems and Cypress Creek announced the final portfolio sale in a 148 MW master purchase agreement of 20 North Carolina solar projects.
“The positive impacts these solar farms will have on the environment are the driving force behind our continued partnership,” says Clark Lloyd, solar equity portfolio manager of Nationwide.
“Nationwide and Sol Systems, with the help of Cypress Creek, hope to strengthen the renewable energy capabilities available in Texas, as we work together to create a sustainable future for our communities,” he adds.
The Texas portfolio is comprised of four projects ranging in size from 7 MW to 14 MW and are located across Webb, Menard, Brooks and McClennan counties. Three of the projects have a power purchase agreement with NRG Power Marketing and one project has a power purchase agreement with the Lower Colorado River Authority. The projects were placed into service in 2019.
Cypress Creek O&M Services will perform O&M services for the projects. Crestmark, a division of MetaBank, provided construction financing, while West Town Bank & Trust provided permanent loan financing. U.S. Bancorp Community Development Corp., the tax equity and community investment subsidiary of U.S. Bank, provided tax equity financing.
