CHICAGO – Global renewables and infrastructure leader ACCIONA announced today that it has acquired 100% of a 240-megawatt (MW) ac/315 MW dc photovoltaic (PV) project near Houston in Fort Bend County, Texas, from Diode Ventures, a Black & Veatch company that develops global infrastructure.
With the transaction, ACCIONA extends its domestic footprint in U.S. solar. Solar and wind projects owned and operated by ACCIONA generate more than 1,000 MWs of power in the United States and Canada, with more in development. With three wind power projects in Cameron County, Texas, the Fort Bend project represents ACCIONA’s fourth investment in the state, and its first solar PV project in Texas. When operational, Fort Bend will give the company more than 750 MWs of renewable capacity in Texas. ACCIONA has committed to delivering 1,600 MWs of new solar across the United States by 2023.
The project, expected to create about 300 jobs during the construction phase, will be within the territory of the Electric Reliability Council of Texas (ERCOT), a membership-based nonprofit corporation that manages electricity flow to more than 26 million Texas customers. That represents about 90 percent of the state’s electric load.
Diode Ventures, which offers clients reliable, turnkey asset-development solutions for large-scale infrastructure programs, has teamed with Enfinite Capital to develop the Fort Bend Solar project to a Full Notice to Proceed (FNTP) state. As an investment and asset management firm, Enfinite Capital specializes in renewable energy, infrastructure and real estate assets.
Diode bought the Fort Bend Solar project from global property group and contractor Lendlease in 2018.
“With solar power continuing to surge in demand as a cleaner, greener provider of electricity, we’re pleased to see this ambitious project advance closer to becoming a reality,” said Brad Hardin, Diode Ventures’ president. “This is another important step toward sustainability and lowering our carbon footprint in an evolving electric marketplace, and we’re proud to be part of it.”
“We are excited to invest in Fort Bend County and to bring this solar project forward,” said Rafael Esteban, CEO of ACCIONA’s energy division in North America. “This is an opportunity to continue our success in the State of Texas. The Fort Bend project will be a flagship of our US portfolio and a demonstration of our commitment to delivering value to our shareholders while advancing economic development and sustainability.”