Iron Spur Solar, a 140-MWDC utility-scale solar project near Snyder, Texas, has begun construction. Iron Spur is being constructed by utility-scale solar startup Levona Renewables, with the financial support of Energea, a developer, operator, and investor of renewable energy.
The Iron Spur project will employ single-axis trackers and is estimated to produce around 317 gigawatt-hours of power per year, fully operational, under a 35-year land lease. Rather than buying the project altogether, Energea is giving development funding to the project’s special-purpose business, CT Solar One, via a secured, convertible loan.
Iron Spur has achieved site ownership, connectivity applications, and an exclusivity agreement with an investment-grade customer for a long-term power purchase agreement.
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