SB Energy to acquire 1.7 GW of solar plants in USA

SB Energy Global Holdings Ltd., a subsidiary of SoftBank Group Corp., and Intersect Power, LLC, have announced that SB Energy will acquire a portfolio of five U.S. solar power plants with a combined capacity of more than 1.7 gigawatts (GW) from Intersect Power. Subject to satisfying certain closing conditions, SB Energy will build, own and operate the five solar power plants located in California and Texas, and expects to begin construction in early 2020.

SB Energy and Intersect Power also announced that the five projects have entered into contracts to sell renewable energy and renewable energy certificates (REC) generated to the following customers:

• Aragorn, 250 MWDC in Culberson Country, Texas: Austin Energy long-term power purchase agreement (PPA).
• Athos I, 350 MWDC in Riverside County, California: Direct Energy Business long term power purchase agreement.
• Athos II, 300 MWDC in Riverside County, California: an unnamed company long-term REC and energy agreements.
• Juno, 425 MWDC in Borden County, Texas: Lower Colorado River Authority (LCRA) and one unnamed company long-term PPAs.
• Titan, 375 MWDC in Culberson County, Texas: an unnamed company long-term PPA.

In total, the projects will support more than 3,000 jobs during construction. Once complete, the cumulative output of the five solar power plants will power the equivalent of 357,000 homes and result in 2.75 million tons of avoided CO2 emissions per year.

Gibson Dunn & Crutcher LLP and Citi advised SB Energy, while Orrick, Herrington & Sutcliffe LLP, Greentech Capital Advisors and Scotiabank advised Intersect Power on various aspects of the development partnership and project acquisition.