The construction of this solar PV plant follows the sale of the project from Avantus to Toyota Tsusho’s American subsidiary, Toyota Tsusho America (TAI), in November 2023. Avantus will continue to oversee the construction of the project, which is expected to begin operations in late 2025.
TAI closed on a construction and term financing agreement with the global financial group Mitsubishi UFJ Financial Group for the Norton solar PV project.
The sale of the Norton project to TAI marks the seventh project Avantus has sold in the US state of Texas, where it has developed nearly 2GWdc of solar capacity. The developer currently has a pipeline of over 80 solar PV and energy storage projects, exceeding 30GW of solar PV capacity and 94GWh of energy storage.
A long-term power purchase agreement (PPA) has been secured for the project with an undisclosed corporate customer.
“Texas is energy country, and that includes massive opportunities in solar. The Norton Solar Project represents the best of what we do at Avantus—develop high-quality clean energy projects that are good for our customers, for the local economy, and for the planet,” said Avantus chief financial officer, Patrick Goff.
Texas, a leading state for solar power
The start of the construction of the Norton project in Texas shows the ever-growing interest for solar PV in the state, which has been at the forefront of added solar PV capacity in the first half of the year, along with California.
Both states combined for 38% of solar additions in H1 2024. A recent report from the US Energy Information Administration (EIA) highlighted that 12GW of utility-scale solar PV capacity was added in the US during the first six months of 2024. The EIA expects the growth to be even bigger in H2 2024, forecasting 25GW of solar PV additions.
Interest in solar PV in the state of Texas is even more so apparent when looking at the pipeline of projects that are awaiting grid connection. Texas is the state with the most solar capacity in the queue (Premium access), with nearly 135GW, followed by California with 131GW.
The upstream solar industry does not fall far behind in terms of interest, as shown by the recent commissioning of module assembly plants from solar manufacturers SEG Solar, with an annual nameplate capacity of 2GW, and Canadian Solar, with an annual nameplate capacity of 5GW, in the state.
Avantus, formerly known as 8minute Solar Energy, was acquired earlier this year by global investor KKR, when it bought a majority stake in the company.
