- 04-08-2021
- Solar
BayWa r.e. secures $216.1M in financing for 200MW Corazon
Details
BayWa r.e. Sells Corazon I and Guajillo
Solar
02-24-2022
BayWa r.e., a leading global renewable energy developer, services and systems provider, announced today that it completed the sale of the 266 MWdc/200 MWac Corazon I Solar plant and the 200 MW/ 400 MWh Guajillo storage project to Eni New Energy US Inc. Located in Webb County, Texas, the Corazon I Solar plant began operations in August 2021, while the Guajillo storage project is expected to reach an operational stage before the end of 2023.
Corazon I, among the largest projects in Texas, reduces approximately 250kt of CO2 emissions annually and produces more than 500 GWh each year, which is enough electricity to power more than 38,000 households. The Guajillo storage project will use the same interconnection facilities as Corazon I and will support the grid by storing energy when generation is high and delivering it during periods of peak consumption.
“We’re pleased to complete the sale of Corazon I and Guajillo assets to Eni New Energy US, a company that is well positioned to build upon the progress we have made and deliver clean, reliable energy to Texas. We are also excited to partner with Eni to manage the plant operations of Corazon through our services business, BayWa r.e. Operations Services, LLC,” said Fred Robinson, Chief Executive Officer of BayWa r.e. Solar Projects LLC. “As we focus on our core strategies to grow our footprint in the U.S. market, this deal allows BayWa r.e. to reinvest capital in the company’s development pipeline across the country, including projects in ERCOT. We’re excited to r.e.think energy and deliver progressive solutions into a rapidly growing market that will continue to thrive as we see the increasing implementation of utility-scale solar together with storage.”
BayWa r.e. acquired Corazon I as an early-stage project in 2019 and the project reached commercial operation in August of 2021. The company worked with the North American Development Bank (NADB), along with a syndicate of three other lenders, to sign a credit agreement for up to $216.1 million to finance the design, construction, and operation of the Corazon I project. BayWa r.e. partnered with local agencies on permitting and establishing a tax structure that will provide more than $30 million in tax revenue over the 35-year project life to support the local community. The electricity and renewable energy credits generated are being sold to a retail energy provider through a long-term power purchase agreement (PPA), and in the wholesale electricity market.
