NADB lends to OCI Texas project
The North American Development Bank (NADB) and OCI Solar Power have signed a $40m loan agreement for construction of the 39.6MW Alamo 4 Solar Park in the town of Brackettville, southwestern Texas.
Financial terms were not made public.
Construction has already begun, and the solar PV facility is expected to begin commercial operation in October. The power generated by the project will be purchased by CPS Energy of San Antonio, the largest US municipal utility.
The project is expected to generate electricity equivalent to the annual consumption of approximately 5,200 households.
To date, NADB has provided US$367.5 million in loan financing for 13 solar projects in Arizona, California and Texas. Upon completion, these projects will have a total installed generation capacity of almost 150MW.
Brackettville is 200km west of San Antonio.
Alamo 4 is part of OCI’s earlier announced 400MW solar energy supply deal with CPS Energy.
Project consortium partners include Nexolon America, which will supply panels, inverter provider KACO New Energy and ERCAM, a unit of Spain’s Energia ERCAM, which will furnish solar trackers.
Mortenson Construction has been contracted by OCI to build Alamo 4 as well as remaining projects throughout Texas.
OCI and local officials estimate the partnership will bring manufacturing plants, 800 permanent jobs and an annual economic impact of $700m to Texas,