Arava Power launches its first 270 MW solar project in Texas
Arava Power begins operating SUNRAY, a 270 MW photovoltaic power plant in Texas, marking its entry into the American market, in collaboration with Paz Group and Menora Mivtachim.
| Countries | Israël, États-Unis |
|---|---|
| Companies | Morgan Stanley |
| Sector | Énergie Solaire, Photovoltaïque |
| Theme | Investissements & Transactions, Financement, Développement de projets |
Arava Power begins operation of SUNRAY, a 270-megawatt (MW) photovoltaic solar power plant located in Uvalde County, Texas.
Developed in partnership with Paz Group and financed by Menora Mivtachim, the project represents an investment of $330 million.
SUNRAY covers 1,200 acres, features over 500,000 solar panels and generates 515 gigawatt-hours of electricity per year, with half of this output sold under a 12-year contract and the other half on the Texas open market.
Arava Power and Paz Group acquired the SUNRAY project from OCI Energy in 2021 and completed financing in 2023.
Commercial operation will begin once construction is completed and the necessary permits have been obtained in 2024.
This project reflects Arava Power’s desire to increase its presence in renewable energies in the United States, by positioning itself in a competitive market.
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