Invenergy obtains construction funds solar park in Texas

Chicago-based Invenergy LLC has completed construction financing for the 250-MW first phase of the 1,310-MW Samson Solar Energy Center in Texas.

Spanish Banco Santander SA (BME:SAN) acted as administrative agent, coordinating lead arranger and bookrunner, while Societe Generale (EPA:GLE) and CaixaBank acted as joint lead arrangers for the financing, which comprises a construction loan, letter of credit facility and back-leverage term loan.

Samson Solar requires an investment of USD 1.6 billion (EUR 1.3bn) to eventually become the largest solar energy facility in the country, Invenergy said on Wednesday. The plant will be built in Lamar, Red River, and Franklin counties in five phases, with full commissioning scheduled for 2023. The developer noted that once completed, Samson will be able to generate enough power to meet the demand of 300,000 American homes.

The PV power facility already has long-term power purchase agreements (PPAs) in place that support the sustainability goals of five major consumer brands and will supply electricity to three Texan municipalities.