SAN FRANCISCO, Oct. 31, 2019 /PRNewswire/ -- SB Energy Global Holdings Ltd. (SB Energy), a subsidiary of SoftBank Group Corp., and Intersect Power, LLC (Intersect Power), a utility-scale renewable energy developer, announced today that SB Energy will acquire a portfolio of five U.S. solar power plants with a combined capacity of more than 1.7 gigawatts (GW) from Intersect Power. Subject to satisfying certain closing conditions, SB Energy will build, own and operate the five solar power plants located in California and Texas, and expects to begin construction in early 2020. SB Energy and Intersect Power previously partnered to develop these projects.
SB Energy and Intersect Power also announced that the five projects have entered into contracts to sell the renewable energy and renewable energy certificates (REC) generated to the following customers:
Aragorn, 250 MWDC in Culberson Country, Texas: Austin Energy long-term power purchase agreement (PPA).
Athos I, 350 MWDC in Riverside County, California: Direct Energy Business long term power purchase agreement.
Athos II, 300 MWDC in Riverside County, California: one unnamed company long-term REC and energy agreements.
Juno, 425 MWDC in Borden County, Texas: Lower Colorado River Authority (LCRA) and one unnamed company long-term PPAs.
Titan, 375 MWDC in Culberson County, Texas: one unnamed company long-term PPA.
In total, the projects will support more than 3,000 jobs during construction. Once complete, the cumulative output of the five solar power plants will power the equivalent of 357,000 homes and result in 2.75 million tons of avoided CO2 emissions per year.
"SoftBank Group is pleased to continue investing in Texas and California, and this investment through SB Energy will create thousands of local jobs and deliver clean solar energy to local residents," said Marcelo Claure, CEO of SoftBank Group International and Chairman of SB Energy.
"Intersect Power has created significant value by developing 1.7 GW of large solar projects in a short period of time," said Raman Nanda, CEO of SB Energy. "We look forward to starting construction on the projects early next year and providing low-cost solar energy to our commercial partners. With this acquisition, SB Energy will have 7.2 GW of solar and wind projects under long-term contract in the United States and India."
"When we started development of these projects, we were looking for innovative, reliable partners to work with, and SB Energy has exceeded our expectations," said Sheldon Kimber, CEO and co-founder of Intersect Power. "Their partnership proves the value generated by Intersect Power's skilled team and lean project development approach."
Gibson Dunn & Crutcher LLP and Citi advised SB Energy, while Orrick, Herrington & Sutcliffe LLP, Greentech Capital Advisors and Scotiabank advised Intersect Power on various aspects of the development partnership and project acquisition.
About SB Energy
SB Energy Global Holdings Ltd., a subsidiary of SoftBank Group Corp., is a global leader in renewable energy. SB Energy has 7.2 GW of solar and wind projects under long-term contract in the United States and India, and more than 1.5 GW in operation. SB Energy's mission is to provide low-cost renewable energy to customers across the globe, creating value for those customers and for society generally. For more information, visit http://www.sbenergy.com.
About Intersect Power
Founded in 2016, Intersect Power, LLC is a renewable energy development company bringing utility-scale power to wholesale customers and markets, delivering value and viability to both energy buyers and asset owners. The company develops renewable energy assets, including all aspects of siting, permitting, interconnection, power marketing, procurement and finance. Intersect Power has more than 1.7 GWDC of contracted, late-stage solar projects across California and Texas that will be built, owned and operated by SB Energy, along with 2.9 GWDC of early- to mid-stage projects. For more information, visit www.intersectpower.com.