Sol Systems, a solar finance and development company acquired a 190 MW solar development project in Uvalde County, Texas, from ABEI Energy, an independent power producer.
The acquisition was a part of Sol Systems’ infrastructure plus impact business expansion. ABEI Energy will continue to support Sol Systems during pre-construction development.
Sol Systems will construct, own, and operate the project.
The project is expected to power over 100,000 homes annually.
Sol so far has developed or financed over 1.4 GW of solar projects valued at more than $1 billion for Fortune 100 companies, local governments, utilities, universities, and schools and has a customer base of over 20,000 across the U.S. The company is actively developing over 1.1 GW of new solar projects nationwide.
“This acquisition builds on Sol Systems’ growing footprint in Texas and is part of a strategic effort to grow our national infrastructure platform,” said Mak Nagle, Chief Development Officer at Sol Systems. “We are excited to expand access to clean energy and to create new opportunities through the lifetime of the project.”
ABEI Energy integrates the management of electricity generation projects from renewable sources through photovoltaic, solar thermal, wind and hydrogen technologies, with over 15 GW under development worldwide.
Elvira Gutiérrez-Marcet, ABEI’s Head of M&A, said, “This is an important accomplishment towards ABEI’s long-term corporate strategy, enabling us to consolidate our position in the U.S. market. Having worked closely with the county on this project since 2019, it is a great pleasure to see the project is close to starting construction, and we are excited for the positive impact it will bring to the local community.”
In February 2022, Sol Systems acquired a 540 MW solar portfolio in southeast Illinois from the U.S. renewable energy company Arevon Energy. The portfolio – under development – consists of three 180 MW solar energy projects across Hamilton, Randolph, Saline, and White counties.
According to Mercom’s Annual and Q4 2022 Solar Funding and M&A report, there were 268 large-scale solar project acquisitions in 2022 compared to 280 transactions in 2021.