Solar Proponent Executes 1.6 GWAC of Power Purchase Agreements

Solar Proponent LLC, a leading developer of ERCOT-focused utility-scale solar and storage projects, announced the execution of 1.6 GWAC of power purchase agreements across four projects in Texas with a leading technology company. Solar Proponent LLC is backed by EnCap Investments L.P. (“EnCap”), a leading provider of equity capital to the independent sector of the U.S. energy industry, Yorktown Partners LLC (“Yorktown”), an energy-focused private equity firm, and Mercuria Energy, one of the world’s largest independent energy and commodity groups.

“The ability to contract this volume over four projects speaks to the quality of development by the Solar Proponent team. Strong corporate interest has been essential to enabling financing of new power capacity to meet growing demand. These projects will provide needed energy capacity to support a growing ERCOT power market and aid our counterparty in achieving its decarbonization goals. We are proud to serve the Texas market which continues to lead the country in the expansion of renewables,” said Solar Proponent Chief Executive Officer Cassandra Rinaldo.

The execution of these PPAs in December 2024 capped an active year for Solar Proponent, who recently sold a 780 MWDC project in the South zone of ERCOT that will commence on-site construction in early 2025 and another 1.6 GW of solar projects in the North zone that just commenced construction.

“We appreciate the strong support from our sponsors, who have been critical in helping shepherd our strategy, notably facilitating the raise of a $300 million credit facility to support posting interconnection and power purchase agreement security. Meanwhile, Solar Proponent is wrapping up construction management of the largest solar project in the Houston zone which is expected to be operational in early 2025. Solar Proponent is now seeking partners to contract, finance and build its 2.2 GWAC portfolio of ERCOT North and South Zone development projects,” said Solar Proponent Chief Executive Officer Cassandra Rinaldo.

Solar Proponent | www.solarproponent.com

EnCap Investments | www.encapinvestments.com

Mercuria Energy | https://mercuria.com/

Yorktown Partners | https://yorktownenergy.com/