Solar Proponent Executes 1.6 GWAC of Power Purchase Agreements
AUSTIN, Texas–(BUSINESS WIRE)–Solar Proponent LLC, a leading developer of ERCOT-focused utility-scale solar and storage projects, announced the execution of 1.6 GWAC of power purchase agreements across four projects in Texas with a leading technology company. Solar Proponent LLC is backed by EnCap Investments L.P. (“EnCap”), a leading provider of equity capital to the independent sector of the U.S. energy industry, Yorktown Partners LLC (“Yorktown”), an energy-focused private equity firm, and Mercuria Energy, one of the world’s largest independent energy and commodity groups.
“The ability to contract this volume over four projects speaks to the quality of development by the Solar Proponent team. Strong corporate interest has been essential to enabling financing of new power capacity to meet growing demand. These projects will provide needed energy capacity to support a growing ERCOT power market and aid our counterparty in achieving its decarbonization goals. We are proud to serve the Texas market which continues to lead the country in the expansion of renewables,” said Solar Proponent Chief Executive Officer Cassandra Rinaldo.
The execution of these PPAs in December 2024 capped an active year for Solar Proponent, who recently sold a 780 MWDC project in the South zone of ERCOT that will commence on-site construction in early 2025 and another 1.6 GW of solar projects in the North zone that just commenced construction.
“We appreciate the strong support from our sponsors, who have been critical in helping shepherd our strategy, notably facilitating the raise of a $300 million credit facility to support posting interconnection and power purchase agreement security. Meanwhile, Solar Proponent is wrapping up construction management of the largest solar project in the Houston zone which is expected to be operational in early 2025. Solar Proponent is now seeking partners to contract, finance and build its 2.2 GWAC portfolio of ERCOT North and South Zone development projects,” said Solar Proponent Chief Executive Officer Cassandra Rinaldo.
About Solar Proponent (“SolarPro”)
SolarPro’s mission is to leverage the enormous potential of solar power to create sustainable electricity infrastructure. With decades of combined experience in the energy sector, the Solar Proponent team is focused on building value for investors, communities, and landowners through responsibly developed solar and storage generation projects. For more information, please visit www.solarproponent.com.
About EnCap Investments L.P.
Since 1988, EnCap Investments has been a leading provider of growth capital to the independent sector of the U.S. energy industry. The firm has raised 25 institutional investment funds totaling approximately $47 billion and currently manages capital on behalf of more than 350 U.S. and international investors. Founded in 2019, the EnCap Energy Transition platform is led by four Managing Partners, each with 30-35 years of experience in the development and operations of renewables and power generation. For more information, please visit www.encapinvestments.com.
About Mercuria Energy
Established in 2004, Mercuria is one of the world’s largest independent energy and commodity groups, bringing efficiency to the commodity value chain with technology, expertise, and low-carbon solutions. The company established itself as a leader in the energy transition by pledging more than 50 percent of new investments toward renewables and transitional energy. The Group has made significant investments in projects such as renewable power, energy storage, grid optimization, critical transition minerals recycling, and environmental products.
Contacts
Media Contact:
Morgan Moritz
mmoritz@piercom.com
(512) 745-2575
