Advanced Power, an independent renewable energy power producer, announced the sale of Oriana Solar LLC in Texas to Sabanci Renewables, a subsidiary of Sabanci Holdings.
Oriana Solar is a 232 MWdc solar power generating facility with a co-located 60MW/120 MWh battery storage capacity in Victoria County, Texas. The project is expected to bring clean power to the Texas electricity markets and serve the load centers in the Gulf Coast region of Texas, including Houston, Corpus Christi, and Freeport.
The project’s construction is expected to begin in the first quarter of 2024, with commercial operation to start in 2025. Oriana Solar will sell energy and renewable energy credits from the project to the ERCOT power market.
Oriana Solar is Advanced Power’s fourth renewable energy project in Texas, serving the ERCOT market. Oriana was preceded by three projects: the 140 MWdc Cutlass Solar project that Advanced Power continues to manage, and the 272 MWdc Cutlass II solar project, both located southwest of Houston, in addition to the 189 MWdc and 60MW/120MWh Talitha Energy project, near Corpus Christi.
The transaction was led by Marathon Capital, LLC (Marathon Capital.
“These projects represent just the beginning of Advanced Power’s 8 gigawatts of U.S. renewable energy pipeline,” said Advanced Power’s Development Chief Operating Officer Jonathan Winslow.
“This second transaction with Sabanci demonstrates another of our team’s core strengths,” noted Advanced Power’s Chief Executive Officer Thomas Spang. “We commit to delivering value, and our results create long-term relationships,” he added. “We are excited to continue working with Sabanci and successfully transition Oriana Solar through its final development and into construction.”
According to Mercom’s 1H and Q2 2023 Solar Funding and M&A Report, in the first half (1H) of 2023, 116 solar project acquisitions totaling 25.5 GW were announced compared to 148 project acquisitions totaling 37.8 GW in 1H 2022.