7X Energy, Inc. (“7X”), a leader in solar development in the U.S., announced the sale of the 100-megawatt (MW) Lapetus Solar Energy Project in Andrews County, Texas to Duke Energy Renewables.
7X, the original owner and developer, will transition the last stages of development of the solar project to Duke Energy, which also will manage construction and serve as the long-term owner and operator of the project.
Lapetus will be located on an approximately 800-acre site, and construction is expected to begin before the end of March. The project will be the first large scale solar project in Andrews County. During peak construction, the solar facility will bring approximately 150 jobs to the county and generate over $20 million in local property tax revenue. Lapetus is scheduled to begin by the end of the year.
CohnReznick Capital acted as exclusive financial advisor to 7X Energy on the sale.
“We are excited to play a role in accelerating the growth of the Texas solar market. This transaction underscores the growing demand for renewable energy and the many economic and employment opportunities its continued development brings,” said Frank Palladino, Managing Director at CohnReznick Capital.
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About 7X Energy
7X Energy (7X), headquartered in Austin, Texas, is a leading developer in the solar industry. The company is 100% employee-owned and consists of a diverse team of seasoned industry veterans, with over 10,000 MW of collective utility-scale development expertise, focused on the development and sale of renewable energy to commercial and wholesale customers.