Solar Plus Development, Inc. and Avondale Solar, LLC agree to jointly develop 400 MWac solar project with J-POWER USA
Development Co., Ltd.
Austin, Texas, August 4, 2020 – Solar Plus Development, Inc. (“SPDI”), a subsidiary of Plus Renewable Technologies, Limited (“Plus”) and Avondale Solar, LLC (“Avondale”) have entered into an agreement with J-POWER USA Development Co., Ltd. (“J-POWER USA”) to jointly develop a 400 MWac solar PV project in Refugio County, Texas (“Charger Solar”) that they have been developing via their equally owned joint venture company, AP Solar Holdings, LLC (“AP Solar”),
Charger Solar is expected to break ground in second half of 2021 and be operational by the summer of 2023. Due to its close proximity to the Houston metro area, Charger Solar is expected to experience minimal curtailment and basis risk to the premium Houston Zone of ERCOT.
Trevor Nash, CEO of AP Solar Holdings, LLC said “We are very pleased to be working with J-POWER USA on the development of Charger Solar, in addition to the previously announced Red-Tailed Hawk Solar, and, based on the market dynamics and data that we are seeing, Charger Solar will be optimally located to deliver power to both the South and Houston Zones of ERCOT.”
“We strive to minimize our carbon footprint by finding innovative clean energy solutions.” stated Mark Condon, President and CEO of J-POWER USA. “This joint venture represents an expansion of our relationship with AP Solar which follows our partnership to develop Red-Tail Hawk, a 350 MWac solar project located in Wharton County, TX.” Condon continued.
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About the Companies
Plus Renewable Technologies, Limited is led by an experienced management team with domain expertise in infrastructure, renewable energy, capital raising, mergers and acquisitions, investment and asset management. The Company owns operating renewable assets in China, Taiwan and the U.S. and continues to evaluate and develop new projects in the United States, the United Kingdom, Italy and other Asian markets, including the Philippines, Malaysia, Vietnam, Myanmar, Taiwan, South Korea, and Sri Lanka. Plus Renewables also owns Radian Generation, its wholly owned subsidiary based in California. Radian Generation, using its own proprietary technology, LENS™, is one of the world’s largest renewable energy asset managers with over 12 GW of third party solar and wind generation assets under management.
Avondale Solar, LLC was founded by affiliates of Snapper Creek Energy Advisors, LLC, and is a privately-held investment holding company created for the purposes of investing in utility-scale solar projects throughout the de-regulated electricity markets in the United States.
AP Solar Holdings, LLC is a joint development company created by Avondale and Plus to provide a full suite of development services and capabilities for Avondale and Plus’ utility-scale solar power project development portfolio in the ERCOT power market.
J-POWER USA Development Co., Ltd is a wholly owned subsidiary of J-POWER North America Holdings Co., Ltd. which is a wholly owned subsidiary of Electric Power Development Co., Ltd. (“J-POWER”) with headquarters located in Tokyo, Japan. J-POWER USA, headquartered in the greater Chicago area, has a long-term strategy to acquire, develop, finance and operate power generation facilities in North America through its team of power professionals with a proven track record of successfully developing and acquiring power projects in the IPP sector.
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Solar Plus Development Inc. and Avondale Solar, LLC complete the sale of a 350 MWac solar project to an affiliate of Copenhagen Infrastructure Partners P/S
Austin, Texas, July 27, 2020 – Solar Plus Development Inc. (“SPDI”), a subsidiary of Plus Renewable Technologies, Limited (“Plus”) and Avondale Solar, LLC (“Avondale”) (the “Sellers”) on July 22, 2020, completed the sale of the 350 MWac solar PV project in Fort Bend County, Texas (“Fighting Jays Solar”), that the Sellers have been developing via their affiliate, AP Solar Holdings, LLC (“AP Solar”), to an affiliate of Copenhagen Infrastructure Partners P/S (“CIP”).
On July 7, 2020, CIP, Fighting Jays Solar and Shell Energy North America (US), L.P. (“Shell”) entered into a long term hedge agreement under which Shell will purchase physical power from Fighting Jays Solar. Additionally, on July 23, 2020, CIP issued notice to proceed to Centerpoint Energy to begin construction of a substation to allow Fighting Jays Solar to interconnect into the ERCOT grid. Snapper Creek Energy Advisors, LLC advised CIP on the structuring and execution of the novel hedge program with Shell.
Fighting Jays Solar is expected to break ground in second half of 2020 and be operational by the summer of 2022. Due to its close proximity to the Houston metro area, the Fighting Jays Solar project is expected to experience minimal curtailment and basis risk to the premium Houston Zone of ERCOT.
Speaking on behalf of the Sellers, Trevor Nash, the CEO of AP Solar Holdings, LLC said “We are very pleased to have completed our agreement with Copenhagen Infrastructure Partners on the development and sale of Fighting Jays Solar and we look forward to working with CIP on other projects in the future. When fully operational, Fighting Jays will be the largest renewable facility supplying clean and reliable power to the Houston Zone. Due to projected population growth, Houston Zone is expected to be by far the largest load pocket in ERCOT over the next several years.”
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About the Companies
Plus Renewable Technologies, Limited is led by an experienced management team with domain expertise in infrastructure, renewable energy, capital raising, mergers and acquisitions, investment and asset management. The Company owns operating renewable assets in China and the U.S. and continues to evaluate and develop new projects in the United States, the United Kingdom, Italy and other Asian markets, including the Philippines, Malaysia, Vietnam, Myanmar, Taiwan, South Korea, and Sri Lanka. Plus Renewables also owns Radian Generation, its wholly owned subsidiary based in California. Radian Generation, using its own proprietary asset management software, LENS™, is one of the world’s largest renewable energy asset managers with over 13 GW of third party solar and wind generation assets under management.
Avondale Solar, LLC was founded by affiliates of Snapper Creek Energy Advisors, LLC, and is a privately-held investment holding company created for the purposes of investing in utility-scale solar PV throughout the de-regulated electricity markets in the United States.
AP Solar Holdings, LLC is a joint development company created by Avondale and SPDI to provide a full suite of development services and capabilities for Avondale and Plus’ utility-scale solar power project development portfolio in the ERCOT power market.
Copenhagen Infrastructure Partners P/S is a Danish developer and investment firm specialized in the energy infrastructure sector. The company was established in 2012 and is today a global leader, market pioneer and the largest financial sponsor with a dedicated energy infrastructure focus. CIP has approximately 110 employees and offices in Copenhagen, New York, London, Utrecht and Tokyo. CIP has seven funds with more than USD 10 billion in commitment under management. The funds have currently made more than 20 investments in large scale energy infrastructure assets totaling almost 8GW in capacity across the US, the UK, Germany, Spain, and Taiwan. In addition, more than 15 greenfield energy infrastructure projects are in process to reach final investment decision and start of construction within the next 2-3 years.
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Solar Plus Development Inc. and Avondale Solar, LLC agree to jointly develop 350 MWac solar project with J-POWER USA
Development Co., Ltd.
Austin, Texas, March 30, 2020 – Solar Plus Development, Inc. (“Plus”), a subsidiary of Plus Renewable Technologies, Limited and Avondale Solar, LLC (“Avondale”) have entered into an agreement with J-POWER USA Development Co., Ltd. (“J-POWER USA”) to jointly develop a 350 MWac solar PV project in Wharton County, Texas (“Red-Tailed Hawk Solar”) that they have been developing via their equally owned joint venture company, AP Solar Holdings, LLC (“AP Solar”),
Red-Tailed Hawk Solar is expected to break ground in second half of 2020 and be operational by the summer of 2022. Due to its close proximity to the Houston metro area, the Red-Tailed Hawk Solar is expected to experience minimal curtailment and basis risk to the premium Houston Zone of ERCOT.
Trevor Nash, CEO of AP Solar Holdings, LLC said “We are very pleased to be working with J-POWER USA on the development of Red-Tailed Hawk Solar, and, based on the market dynamics and data that we are seeing, Red-Tailed Hawk Solar will be well positioned to provide low cost renewable power to the Houston Zone.”
Mark Condon, President and CEO of J-POWER USA said “We are excited to be involved in Red-Tailed Hawk Solar, which is strategically located in the fastest growing load pocket in ERCOT. This transaction is the first for J-POWER USA in the US renewable energy market and J-POWER USA looks forward to working with AP Solar to meet consumer demand for clean and reliable power for the Houston Zone”.
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About the Companies
Plus Renewable Technologies, Limited is led by an experienced management team with domain expertise in infrastructure, renewable energy, capital raising, mergers and acquisitions, investment and asset management. The Company owns operating renewable assets in China, Taiwan and the U.S. and continues to evaluate and develop new projects in the United States, the United Kingdom, Italy and other Asian markets. Plus Renewables also owns Radian Generation, its wholly owned subsidiary based in California. Radian Generation, using its own proprietary technology, LENS™, is one of the world’s largest renewable energy asset managers with over 12 GW of third party solar and wind generation assets under management.
Avondale Solar, LLC was founded by affiliates of Snapper Creek Energy Advisors, LLC, and is a privately-held investment holding company created for the purposes of investing in utility-scale solar projects throughout the de-regulated electricity markets in the United States.
AP Solar Holdings, LLC is a joint development company created by Avondale and Plus to provide a full suite of development services and capabilities for Avondale and Plus’ utility-scale solar power project development portfolio in the ERCOT power market.
J-POWER USA Development Co., Ltd is a wholly owned subsidiary of J-POWER North America Holdings Co., Ltd. which is a wholly owned subsidiary of Electric Power Development Co., Ltd. (“J-POWER”) with headquarters located in Tokyo, Japan. J-POWER USA, headquartered in the greater Chicago area, has a long-term strategy to acquire, develop, finance and operate power generation facilities in North America through its team of power professionals with a proven track record of successfully developing and acquiring power projects in the IPP sector.
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Plus Renewable Technologies, Limited and Avondale Solar, LLC agree to sell 350 MWac solar project to an affiliate of Copenhagen Infrastructure Partners P/S
Austin, Texas, March 18, 2020 – Plus Renewable Technologies, Limited (“Plus”) and Avondale Solar, LLC (“Avondale”) (the “Sellers”) have entered into an agreement to sell their interests in a 350 MWac solar PV project in Fort Bend County, Texas (“Fighting Jays Solar”) that they are developing via their affiliate AP Solar Holdings, LLC (“AP Solar”) to an affiliate of Copenhagen Infrastructure Partners P/S (“CIP”).
Fighting Jays Solar is expected to break ground in second half of 2020 and be operational by the summer of 2022. Due to its close proximity to the Houston metro area, the Fighting Jays Solar project is expected to experience minimal curtailment and basis risk to the premium Houston Zone of ERCOT.
Speaking on behalf of the Sellers, Trevor Nash, the CEO of AP Solar Holdings, LLC said “We are very pleased to be working with Copenhagen Infrastructure Partners on the development of Fighting Jays Solar, and, based on the market dynamics and data that we are seeing, Fighting Jays Solar will be well positioned to provide low cost, clean and reliable power to the Houston Zone.”
“We are excited to be involved in Fighting Jays Solar, which is strategically located in the fastest growing load pocket in ERCOT. This transaction signifies another major investment by CIP in the Texas renewable energy market and CIP looks forward to working with our local partners to produce clean energy for the Houston Zone,” commented Christian Skakkebaek, Senior Partner at CIP.
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About the Companies
Plus Renewable Technologies, Limited is led by an experienced management team with domain expertise in infrastructure, renewable energy, capital raising, mergers and acquisitions, investment and asset management. The Company owns operating renewable assets in China and the U.S. and continues to evaluate and develop new projects in the United States, the United Kingdom, Italy and other Asian markets, including the Philippines, Malaysia, Vietnam, Myanmar, Taiwan, South Korea, and Sri Lanka. Plus Renewables also owns Radian Generation, its wholly owned subsidiary based in California. Radian Generation, using its own proprietary technology, LENS™, is one of the world’s largest renewable energy asset managers with over 12 GW of third party solar and wind generation assets under management.
Avondale Solar, LLC was founded by affiliates of Snapper Creek Energy Advisors, LLC, and is a privately-held investment holding company created for the purposes of investing in utility-scale solar PV throughout the de-regulated electricity markets in the United States.
AP Solar Holdings, LLC is a joint development company created by Avondale and Plus to provide a full suite of development services and capabilities for Avondale and Plus’ utility-scale solar power project development portfolio in the ERCOT power market.
Copenhagen Infrastructure Partners P/S is a fund management company with five energy infrastructure funds and nearly EUR 8 billion under management. CIP is a multinational team with extensive experience and knowledge within renewable technologies. CIP has investments in utility scale renewable assets across North America, Western Europe, and Asia Pacific. The team has a broad range of competencies within corporate finance, merger & acquisitions, engineering, construction, project development and project management. CIP was established in 2012 by senior executives with a proven track record from senior positions in the energy industry. Current investments include a wide range of energy infrastructure assets including offshore wind, onshore wind, offshore power transmission, biomass and energy-from-waste, and solar PV investments.
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