Project Finance Brief: Sol Systems Acquires 190 MW Solar Project in Texas

Duke Energy Sustainable Solutions, a subsidiary of Duke Energy, acquired the 100 MW Wildflower Solar Project from Clearway Energy Group, a U.S.-based clean energy company.

The construction of the solar project is expected to begin by the end of 2022 and reach commercial operation in 2023. The project is in DeSoto County, Mississippi, and the first Mississippi-based renewable energy project for Duke Energy Sustainable Solutions.

Toyota North America has signed a 15-year virtual power purchase agreement for up to 80 MW of the solar energy generated by the project. The deal will financially settle on an as-generated basis tied to the project’s real-time energy output. Duke Energy Sustainable Solutions will own and operate the project, which is expected to employ a workforce of 300 at peak construction.

“We’re excited to continue to expand our commercial solar portfolio and enter into the Mississippi market, which will build upon the area’s clean energy resources,” said Chris Fallon, president of Duke Energy Sustainable Solutions. “Once complete, Wildflower Solar will further diversify Mississippi’s energy infrastructure while reducing Toyota’s emissions from its North American operations.”

“Our collective future depends on clean mobility, clean air, clean water, and biodiversity,” said Kevin Butt, director of sustainability for Toyota Motor North America.  “Renewable energy sources, like solar, are a key to achieving our goal of carbon neutrality, and our purchase from Wildflower alone has the potential to reduce Toyota’s carbon footprint in North America by as much as 8 percent.”

Duke Energy Renewables has earlier acquired the 144 MW Pflugerville Solar Project from Recurrent Energy, a wholly-owned subsidiary of Canadian Solar. The project is under construction in Travis County, Texas. The energy generated from the project will be sold to Austin Energy under a 15-year power purchase agreement.

In 9M 2022, there were 207 project acquisitions totaling 52.1 GW compared to 200 project acquisitions totaling 55.5 GW in 9M 2021, according to Mercom’s recently released 9M and Q3 Solar Funding and M&A Report.