Kinney County, Texas, Green Energy Project Gets $46.9 Million Loan From NADBank
The North American Development Bank (NADBank) signed a US$46.9 million loan for Cypress Creek Renewables' Zier Solar and Energy Storage Project.
The project entails designing, building, and operating a 208MW solar farm with a 40MW/80MWh battery energy storage system (BESS) in Kinney County, Texas. The project, when completed, will boost the installed capacity of renewable energy resources and energy storage in the Texas grid.
During its first year of operation, the park is estimated to generate around 414.31 gigawatt-hours (GWh), which is equivalent to the annual usage of 30,286 households. When the energy storage system is combined with the solar park, it improves efficiency and reliability by storing power generated during periods of high solar output and delivering it to the grid during periods of peak demand.
NADBank Managing Director, Calixto Mateos Hanel, said:
"NADBank is pleased to finance our first solar plus battery storage project, and we look forward to many more of these types of projects in the future. The electricity generated by this project will offset production from other, more polluting sources, thus resulting in cleaner air for the region and a healthier environment for area residents.”
The BESS is expected to store and supply up to 13.5 GWh of electricity per year from the solar farm and/or the Electric Reliability Council of Texas (ERCOT) grid. It will assist ERCOT in reducing the use of ramp-up/ramp-down fossil fuel facilities, incorporating more renewables into the grid, and improving grid resilience. The project will aid in the reduction of greenhouse gas emissions and other contaminants.
Sarah Slusser, CEO of Cypress Creek Renewables, said:
"We are delighted to have NADBank as a partner in this solar and energy storage project in our mission to build a more sustainable future. We look forward to this and other opportunities to improve the resiliency and reliability of the Texas grid through renewable energy resources.”
The solar park and energy storage system are anticipated to begin construction in the fall of 2022. Furthermore, the Project is planned to assist local communities by creating roughly 225 construction jobs and three on-site jobs during operation.