Retail Supplier Affiliate Closes Financing for Utility-Scale Solar Power Plant In Texas

174 Power Global today announced the closing of construction financing for the $210 million, 150 MW first phase of a solar power plant near Odessa, Texas.

As first reported by EnergyChoiceMatters.com, 174 Power Global is an affiliate of start-up Texas retail electric provider Chariot Energy, a trade name of 174 Power Global Retail Texas, LLC

174 Power Global Corporation is the U.S.-based solar project development company arm of the Hanwha Group, a Fortune Global 500 firm and the 7th largest conglomerate in South Korea.

174 Power Global President Henry Yun stated, "The financing of this facility, called Oberon, marks an important milestone for 174 Power Global. The ongoing commitment of our investor partners plays an essential role in enabling us to produce solar power at prices that are competitive with other forms of generation.”

Credit Agricole Corporate and Investment Bank and the Korea Development Bank are providing construction and term debt. J.P. Morgan Chase Bank, N.A. is providing an eight-year solar hedge for a portion of the project output. Additionally, a leading tax equity investor has provided a commitment to provide tax equity for this first phase, the company said

Q CELLS will supply the solar modules for the Oberon project.

Oberon is the second solar generation facility 174 Power Global has developed in Texas