Allianz Capital acquires 147 MWdc Solar project in USA

Allianz Capital Partners has finalized the acquisition of the 147 MWdc Galloway 2 solar project located in Concho County, Central Texas, USA, from Avantus (formerly 8minute). The solar farm is anticipated to produce enough inexpensive, reliable energy for 60,000 people.

Galloway 2 is estimated to earn over US$18 million in local property taxes, with over half benefiting the Paint Rock Independent School District. Initial work began at the site in the late summer.

Avantus holds a minority ownership in Galloway 2 and will continue to oversee asset management, procurement, and construction. Earlier the company has entered into a long-term power purchase agreement (PPA) with EDF Energy Services.

RES is providing the Engineering, Procurement, and Construction services for Galloway 2. Construction financing was arranged by CIT. The solar facility is currently under construction and is expected to come online in 2023.