The system, constructed by Renewable Energy Systems Americas Inc. (RES Americas), is said to be the largest of its kind in the U.S. state. Upon its completion, SunEdison sold the system to MetLife and Longsol Holdings for an undisclosed amount, last December. Work began on the project last April in Travis County and Trina Solar supplied the necessary photovoltaic modules.
Fotowatio Renewable Ventures (FRV), taken over by MEMC Electronic Materials Inc., the parent of SunEdison, last September, partnered with Bayerische Landesbank, which fully underwrote the construction debt for the project.
RES Americas will operate and maintain the system for five years. After this, SunEdison is scheduled to take it over for a period of 20 years. A 25 year power purchase agreement was signed with Austin Energy, which will purchase the electricity and environmental attributes generated by the project at a fixed rate over the life of the project.