7X Energy entered into a power purchase agreement (PPA) for 250 MWac with a large investment grade company from phase 1 of its Taygete Energy Project located in Pecos County, Texas. The solar energy will be purchased by the company under a multi-year fixed price PPA.
The Taygete Energy Project represents an investment in West Texas of over $300M and is expected to bring approximately 400 jobs to Pecos County during peak construction over a one-year period. The project will generate tens of millions of dollars of property tax revenue to the county over the 35-plus-year life of the project.
“On the heels of selling the 100 MW Lapetus Solar Project, we are excited to expand on our successful track record with the execution of this PPA,” said Clay Butler, President and CEO of 7X. “Our team is focused on developing high quality solar projects as we continue to play our part in advancing the evolution of the energy grid.”
The Taygete project, having most major development milestones completed including a signed and fully funded interconnection agreement, is on track to commence construction in Q3 2019 and will be commercially operational in Q1 2021. The Project will produce over ~737,900 MWh of renewable energy in its first year of operation.
— Solar Builder magazine