OVERLAND PARK, Kan.--(BUSINESS WIRE)--Diode Ventures, a Black & Veatch company that develops global infrastructure projects, today announced that renewable energy leader ACCIONA has acquired 100 percent of a 240-megawatt (MW) ac/315 MW dc photovoltaic (PV) project in development in Fort Bend County, Texas.
With the transaction, ACCIONA extends its footprint in U.S. solar generation as demand for renewable energy grows due to increasing efforts to decarbonize the electric sector. Solar and wind projects owned and operated by ACCIONA generate more than 1,000 MWs of power in the United States and Canada, with more in development. With three wind power projects in Cameron County, Texas, the Fort Bend project represents ACCIONA’s fourth investment in the state, and its first solar PV project in Texas. When operational, Fort Bend will give the company more than 750 MWs of renewable capacity in Texas. ACCIONA has committed to delivering 1,600 MWs of new solar across the United States by 2023.
The project, expected to create about 300 jobs during the construction phase, will be within the territory of the Electric Reliability Council of Texas (ERCOT), a membership-based nonprofit corporation that manages electricity flow to more than 26 million Texas customers. That represents about 90 percent of the state’s electric load.
Diode Ventures, which offers clients reliable, turnkey asset-development solutions for large-scale infrastructure programs, has teamed with Enfinite Capital to develop the Fort Bend Solar project to a Full Notice to Proceed (FNTP) state. As an investment and asset management firm, Enfinite Capital specializes in renewable energy, infrastructure and real estate assets.
Diode bought the Fort Bend Solar project from global property group and contractor Lendlease in 2018.
“With solar power continuing to surge in demand as a cleaner, greener provider of electricity, we’re pleased to see this ambitious project advance closer to becoming a reality,” said Brad Hardin, Diode Ventures’ president. “This is another important step toward sustainability and lowering our carbon footprint in an evolving electric marketplace, and we’re proud to be part of it.”
“We are excited to invest in Fort Bend County and to bring this solar project forward,” said Rafael Esteban, CEO of ACCIONA’s energy division in North America. “This is an opportunity to continue our success in the State of Texas. The Fort Bend project will be a flagship of our US portfolio and a demonstration of our commitment to delivering value to our shareholders while advancing economic development and sustainability.”
About Diode Ventures
Diode Ventures is a developer of energy and data infrastructure, serving the commercial, industrial and technology sectors. With our partners, we offer our clients development services including site selection, capital assembly, project financing, EPC and O&M. Diode Ventures is a wholly owned subsidiary of Black & Veatch with a global presence in over 100 countries. To learn more, visit www.diodeventures.com.
ACCIONA is a global group that develops and manages sustainable infrastructure solutions, particularly in renewable energy. Its range of services covers the entire value chain of design, construction, operation and maintenance. ACCIONA's aim is to lead the transition to a low-carbon economy and does this by applying criteria of technical excellence and innovation processes to all its projects to design a better planet. The company earned revenues of 7,191 million euros in 2019, has a presence in more than 60 countries and carries out its activities within a commitment to the economic and social development of the communities it operates in.
In the field of energy, ACCIONA is a global operator in renewables with 30 years’ experience in the sector and 10,407 megawatts (MW) under its ownership, distributed in 16 countries on the five continents. It has 226 wind farms, 76 hydropower plants, 11 large photovoltaic plants, 3 biomass plants and a CSP plant. acciona.com