Nexus Renewable Power LLC has closed a series of transactions to the tune of $220 million, representing project funding for MRG Goody Solar and Storage (“Project Goody”), a 171.72 MWac solar project with a 237 MWh storage project, in Lamar County, Texas.
Goldman Sachs will provide a preferred equity investment in Project Goody to facilitate the hybrid tax equity financing. In addition, Nexus has entered into a tax credit purchase agreement for the project.
Meta will serve as the power offtaker, utilizing the clean energy produced by the project to offset the electricity consumption of its data centers.
This aggregate financing is in addition to the previously announced $300 million construction-to-permanent financing facility with HPS Investment Partners and the $100 million Nexus-Bad Carbon carbon credit financing joint venture.
Project Goody is the first in a series of projects to be developed and constructed by Nexus. The company anticipates it will create hundreds of construction jobs and generate millions of dollars in long-term tax revenue for the community.
“Nexus is proud to be working with strong partners on Project Goody and is looking forward to long term relationships with each of them,” said Sargon Daniel, CEO of Nexus Renewable Power LLC, in a statement. “Our focus on having strong partners is one the ways we distinguish ourselves in the ERCOT market and enables us to focus on operating these assets for the long haul”.
Project Goody, currently under construction, is scheduled to become operational in the fourth quarter of 2025.
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