Avantus and Toyota Tsusho America Begin Construction of Norton Solar Project

Norton to bring over 250 construction jobs and economic benefits to Central Texas

New financing from Mitsubishi UFJ Financial Group demonstrates continued confidence in renewable energy projects

EL DORADO HILLS, Calif. & NEW YORK–(BUSINESS WIRE)–Today, Avantus (formerly 8minute) and Toyota Tsusho America (TAI) announced the beginning of construction of the 159 megawatt (MW_dc)/125 MW_ac Norton Solar Project in Runnels County, Texas. Issuance of a Notice to Proceed (NTP) follows Avantus’ sale of the Norton project in November 2023 to TAI, a 100% subsidiary of Toyota Tsusho Corporation of Japan, one of the Toyota Group Companies. TAI has also closed on a construction and term financing agreement with global financial group Mitsubishi UFJ Financial Group.

The continued collaboration between Avantus and TAI underscores the value that Avantus and its portfolio can bring to leading, multinational companies looking to advance clean energy solutions and their sustainability goals. A long-term Power Purchase Agreement (PPA) has also been secured with a corporate customer for the project.

Avantus will oversee construction of Norton, which is expected to begin operations in late 2025. RES will provide the engineering, procurement and construction (EPC) services for the project.

“Texas is energy country, and that includes massive opportunities in solar. The Norton Solar Project represents the best of what we do at Avantus — develop high-quality clean energy projects that are good for our customers, for the local economy, and for the planet,” said Avantus Chief Financial Officer Patrick Goff. “This project was six years in the making, and I am proud of our team’s persistence in getting Norton shovel-ready and for securing the project’s successful sale to Toyota Tsusho America, Inc. to help meet their sustainability goals.”

Norton is expected to create 250 jobs at peak construction and will provide direct economic benefits to Runnels County and the local community throughout its operating life. The project is expected to offset more than 230,000 metric tons of CO₂ per year — the equivalent of taking more than 50,000 gas-powered cars off the road every year.

“Addressing the pressing issue of climate change is a top priority for our company and we are committed to finding innovative and effective solutions,” said Naoyuki Hata, President and CEO of Toyota Tsusho America, Inc. “By leveraging our expertise and collaborating with our customers — who are making progress toward sustainability goals — this Solar Project is an opportunity to create a positive impact on local communities. As well as pave the way toward a sustainable future on a global scale.”

Norton marks the seventh project Avantus has developed and sold in Texas, bringing the total amount of clean energy it has developed in the state to nearly 2 gigawatts (GW_dc). With more than 80 projects currently in development, Avantus has one of the largest pipelines of solar and energy storage projects in the United States, exceeding 46 GW of system capacity, including 30 GW of solar and 94 GW-hours (GWh) of energy storage — enough to provide power for more than 20 million people throughout the Southwestern United States.

ABOUT AVANTUS

Avantus is shaping the future by making reliable, low-cost clean energy a global reality. Our legacy of leadership in next generation solar energy includes developing one of the nation’s largest solar clusters and one of the first projects to beat fossil fuel prices back in 2016. Today, we are expanding the boundaries of existing technologies to build one of the largest portfolios of smart power plants with integrated storage, capable of providing 20 million people with affordable, zero-emission energy — day and night.

For more information, please visit www.avantus.com, and follow Avantus on LinkedIn.

ABOUT TOYOTA TSUSHO AMERICA, INC.

For more than 60 years in the U.S., Toyota Tsusho America, Inc. (“TAI”), together with its subsidiaries and affiliates, has been creating value through its creative, can-do approach to solving business and societal challenges. Leaders in exporting and importing, supply chain management, new manufacturing, intermediate goods processing, and logistics in the United States, Canada, Mexico, and the Caribbean. TAI’s North American team of more than 8,000 are proven experts in making it happen.

Renewable Energy and Energy Management is one of the seven priority domains in the Toyota Tsusho Group’s growth strategy. Toyota Tsusho Group will continue to accelerate initiatives for the adoption and expansion of renewable energy in the U.S. and globally.

Learn more about TAI by visiting www.taiamerica.com.

Contacts

Katie Struble

Vice President, Corporate Communications

press@avantus.com