Nestlé and 7X Energy, Inc. have partnered making Nestlé the sole tax equity investor for 7X Energy’s 250 megawatts Taygete 1 Solar Energy Project located in Pecos County, Texas. This project will be an addition to 7X’s 1,350 MW of solar projects that are successfully either in operation or under construction in Texas. Together, the solar projects represent a capital injection of over US$1.5 billion dollars. Currently, construction of the Tagyete 1 Solar in Texas has been completed and the site is expected to go online and fully commercial in early 2021. Under the new deal, 7X Energy will also be the asset manager whilst a portion of the energy generated from the Taygete 1 solar project will be sold through a long-term hedge agreement to J. Aron & Company LLC., a subsidiary of Goldman Sachs.
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Nestlé being the sole tax equity investor for the Taygete 1 project represents the company’s largest direct investment (by capacity) in a renewable energy project to this day. In addition to its tax equity investment, Nestlé will purchase 100% of the renewable electricity attributes generated by the project’s energy production, estimated to be 750,000 MW hours per year for 15 years. This renewable energy will help the company reduce carbon emissions.
The project, covering approximately 2,000 acres, used NextTracker components, Power Electronic Freesun HEM inverters, and over 856,000 Jinko modules. Swinerton Renewable Energy constructed the Taygete I solar project under an engineering, procurement, and construction contract with 7X Energy. Taygete I solar project created over 300 jobs during the peak of construction. Over the life of the facility, the project has been projected to raise tens of millions of dollars in property tax revenue for the county.
The Chief Supply Chain Officer for Nestlé USA, Jim Wells stated that “Nestlé’s investment in Taygete I is an important milestone on our journey to achieve net-zero by 2050. This is an aggressive goal, and to achieve it we are innovating across our company, from the ingredients we use to the packaging that keeps our food and beverages safe, to how we make and transport our products.”
