Silverpeak acquires 180-MW Texas solar project from Tri Global Energy
Tri Global Energy, a leading developer of renewable energy, announced an agreement to sell the 180-MW Flatland Solar project to Silverpeak, an alternative investment firm focused on real estate, energy and credit. Tri Global Energy will maintain its role as lead developer through project financing and construction. This is the second project Silverpeak and Tri Global have partnered on.
Flatland Solar is Tri Global Energy’s first solar project in development in Texas. Located in Scurry County, nearly 100 miles south of Lubbock, Flatland Solar is set for a 950-acre secured site, expected to break ground later this year. Nearly 690,000 solar panels will be installed as part of the construction process with expansion possible during later phases. The energy generated from Flatland Solar will be delivered to the ERCOT grid.
“As our first utility-scale solar energy project, Flatland Solar represents a significant milestone for us as a developer of clean energy projects,” said John Billingsley, chairman and CEO of Tri Global Energy. “We’re pleased to share this achievement with Silverpeak, an outstanding company which shares our mission for creating renewable energy solutions.”
“Flatland Solar adds diversity to our growing portfolio of renewable energy assets and benefits from the high insolation level in West Texas, which is among the highest in the U.S.,” said Santosh Raikar, head of Silverpeak’s Renewables group. “This transaction further bolsters our relationship with Tri Global, and we look forward to working with them closely to successfully complete the project.”
Great Bay Renewables, a subsidiary of Altius Renewable Royalties, has provided royalty financing in support of Tri Global Energy completing project development.
Congressman Jodey Arrington (R-Texas) represents Scurry County as part of his Congressional District 19. “West Texas has long been known for its vast oil and gas resources. However, renewable energy projects like Flatland Solar are helping the Lone Star State diversify its energy sources, strengthen America’s energy independence and further its role as the leader in both conventional and renewable energy,” Arrington said.
