Corazon Solar under construction.
Financing is set for a 200 MW solar power plant in south Texas.
The North American Development Bank, a syndicate of three other lenders, and developer BayWa r.e. signed a credit agreement for up to $216.1 million to finance the design, construction, and operation of the 200 MW Corazon Solar Project located on nearly 2,000 acres of private land.
NADB chipped in a $62.9 million loan and served as coordinating lead arranger on the deal. Worley is the engineering, procurement, construction (EPC) firm.
Electricity and renewable energy credits from the project will be sold to a retail energy solutions provider through a long-term power purchase agreement, and in the Electric Reliability Council of Texas (ERCOT) wholesale electricity market.
The PV solar resource at the site ranges from 5 to 6 kWh/m2/day, meaning the project is expected to generate roughly 537.30 GWh of electricity in its first year of operation.
The project includes roughly 658,000 bifacial monocrystalline photovoltaic modules with a nominal capacity of 400-410W. Modules are backed by a 12-year product warranty and a 30-year linear power output warranty. The modules will be mounted on single-axis tracking arrays which will have a 104-degree tracking range, one slewing gear, and 480 VAC motor.
A total of 66 inverters will be installed to transform direct current into alternating current, with an efficiency of 97.7% and a modular design for maintenance. The inverters will transform the electricity to 34.5 kV.
A network of underground electric cables will collect energy from the modules. One step-up substation will be built to transform the electricity from 34.5 kV to 345 kV. The project will be interconnected to an existing 345 kV station operated by ERCOT through a new 3.7-mile aerial transmission line.
A SCADA system provided by Trimark Associates will monitor, operate, and track the facility remotely, as well as document the performance of the PV system relative to its projected output.