Leading independent power producer 7X Energy (“7X”) has sold the Elara Energy Project, a 130MW solar development facility, to KOMIPO America, Inc, the U.S. subsidiary of Korea Midland Power (“KOMIPO”), one of Korea’s largest utility and power producers. The transaction is a key part of KOMIPO’s efforts to produce 25% of its power from renewable energy by 2030.
The project is located in Frio County, Texas and is expected to reach commercial operation in 2021.
7X, the original owner and developer, will continue to manage construction of the project and will provide long-term asset management services for the project. KOMIPO will serve as the long-term owner and operator.
CohnReznick Capital served as exclusive financial advisor to 7X Energy on the transaction.
Britta von Oesen, CohnReznick Capital Managing Director, said, “The sale of Project Elara from 7X, a best-in-class developer, represents a unique opportunity for KOMIPO to accelerate its ESG-driven expansion into U.S. renewables. We’re honored to advise on this global M&A mandate.”
For additional details on this transaction, please contact Britta von Oesen, Managing Director.
For the full press release, please click here.
About 7X Energy
7X Energy, Inc. (7X), is a leading independent power producer that develops, owns, and provides asset management services of utility-scale solar projects. The company is independently owned and consists of a diverse team of seasoned industry veterans, with over 10,000 MW of collective utility-scale development expertise. 7X has over 1,300 MW of solar projects that are operating or under construction and has a 4 GW development portfolio. 7X’s corporate office is located in Austin, Texas, with regional offices located in Denver, CO; San Francisco, CA; and Washington, D.C.