7X Energy has entered into a power purchase agreement (PPA) to sell 250MW of solar energy from its phase 1 of its Taygete Energy Project to a Fortune 500 company.
7X Energy did not disclose the identity of the company, but stated that the energy will be supplied under a multi-year fixed price PPA. The Taygete Energy Project will be located in Pecos County, Texas and the company is investing more than $300m.
The Taygete project has achieved major development milestones, including a signed and fully funded interconnection agreement. The project is expected to enter construction phase in the third quarter of this year and will be commercially operational in the first quarter of next year.
It could generate more than 737,900MWh of clean electricity in the first year of operation, which is equivalent of taking away more than 70,500 cars off the road for one year, in terms of reduced greenhouse gas emissions.
Construction phase of the project is expected to generate nearly 400 jobs in the county, while generating millions of dollars in property tax revenue to the county during the 35-year life of the project.
7X Energy president and CEO Clay Butler said: “On the heels of selling the 100 MW Lapetus Solar Project, we are excited to expand on our successful track record with the execution of this PPA. Our team is focused on developing high quality solar projects as we continue to play our part in advancing the evolution of the energy grid.”
Earlier this month, 7X Energy sold its 100MW Lapetus Solar Energy Project in Andrews County, Texas to Duke Energy Renewables. The company had been the original owner and developer of the project, which is in its last stages of development.
After the acquisition, Duke Energy will manage the construction, apart from being the operator and the owner of the project. The solar project will be situated on 800 acres of land and is expected to create nearly 150 jobs during the construction phase.
7X Energy has signed three PPAs to sell the energy that will be generated from the Lapetus Solar project.