Clearway Announces Completion of 452 MW Solar Complex in Texas

February 22, 2024

Texas Solar Nova Projects in Kent County contracted with Verizon and multiple REC buyers

SAN FRANCISCO – Clearway Energy Group (“Clearway”) announced today the completion of its 452 MW Texas Solar Nova complex in Kent County, Texas. The project, completed in two phases, will generate enough electricity to power over 190,000 homes each year. The $660 million investment in West Texas will contribute significantly to the local tax base, starting with an estimated $5.4 million in property taxes and wages to be paid in the first year.

“We are incredibly grateful for our partnerships with local officials, suppliers, construction partners, and customers that made this project possible,” said Valerie Wooley, SVP of Origination at Clearway. “The Texas Solar Nova complex is delivering new renewable power to the ERCOT grid, thanks to the ongoing dedication of our partners. We thank Verizon, SKF, and Toyota Boshoku America, among others, for partnering with Clearway to help meet their own decarbonization goals.”

Clearway’s Texas Solar Nova offtake agreements will support Verizon in achieving its target to source the equivalent of fifty percent of its total annual electricity consumption with renewable energy by 2025, and ultimately achieve its goal of net zero emissions in its operations by 2035. These agreements also support Citizen Verizon, the company’s responsible business plan for economic, environmental, and social advancement.

“Clearway has been an outstanding partner to Verizon as we continue to work to meet our goals around climate protection,” said Jim Gowen, SVP, Global Supply Chain & Sourcing, and Chief Sustainability Officer at Verizon.“Through these purchase agreements with Clearway, we are proud to continue to accelerate the greening of the U.S. electrical grid.”

A portion of the renewable attributes from the solar projects will also go toward supporting SKF and Toyota Boshoku America in achieving their respective decarbonization goals through Renewable Energy Certificate (“REC”) purchases.

“SKF’s long-term agreement to purchase RECs from Clearway’s solar complex in Kent County not only enables us to secure one hundred percent renewable electricity for all our operations in the U.S. and Canada but also represents a significant investment in the green energy sector. This marks a crucial milestone in our sustainability journey for North America, and for SKF globally, bringing us a step closer to our goal to decarbonize our global operations by 2030 and forming an important element of our net-zero strategy.” said Rob Jenkinson, Net Zero Manager at SKF Group.

“Toyota Boshoku America is excited to partner with Clearway as a REC buyer for this solar project. The project embodies our core values of doing what is right and contributing to society on a path towards a more sustainable future. It also supports our overall decarbonization goals by offsetting one hundred percent of our annual energy consumption in the United States and Canada by 2026.” said Ryan Hunt, Vice President of Production Control at Toyota Boshoku America.

More than 400 craftworkers contributed to the Texas Solar Nova complex with more than 500,000 hours of injury-free labor. The project is built on approximately 5,000 acres of land with over 1.1 million solar panels.

Clearway and its construction partner, Mortenson, supported several local organizations during construction, including the Texas Leadership Charter Academy-Secondary campus, the Spur Texas Community Food Bank, school supply drives, and fundraisers for local community parks.

In connection with the construction and operation of these facilities, Clearway assembled a bank consortium consisting of Natixis, DNB, MUFG, NordLB, and Societe Generale for a total of approximately $700 million of construction financing commitments and $182 million of term loan commitments. Clearway arranged tax equity for the project, as well as cash equity from HASI (NYSE: HASI) in partnership with Clearway Energy, Inc. (NYSE: CWEN, CWEN.A).