SEOUL, Feb. 27 (UPI) -- OCI Energy, a U.S. affiliate of South Korea's OCI Holdings, said its joint venture with Arava Power has secured nearly $400 million for Project SunRoper, a 347-megawatt solar project in Wharton County, Texas.
OCI Energy joined with Israel's Arava Power for the project. As sole lead arranger, ING Capital will underwrite the financing package, which includes a mix of loans and letters of credit.
The total investment is estimated to be about $394 million, according to OCI Energy. The construction financing is backed by a 20-year power purchase agreement with a Fortune 100 company, whose identity OCI Energy did not disclose.
Situated some 60 miles southwest of Houston, Project SunRoper is expected to begin commercial operation in the third quarter of next year, supporting grid reliability and emissions reduction.
Related
