Arava Power commissiones its first US solar project

Israel-based Arava Power, in collaboration with Israel’s Paz Group and Menora Mivtachim, has launched its first solar project in the US, named SUNRAY, located in Uvalde County, Texas. With a capacity of 270 MW, the project spans 1,200 acres and comprises over 500,000 solar panels. According to Arava Power, SUNRAY will generate 515 GWh annually, powering 43,000 homes in the San Antonio area. The project, the company claims, will reduce carbon emissions by 225,000 metric tons annually. Half of the electricity is sold under a 12-year PPA, while the remainder is sold on Texas’ merchant electricity market. Nomura Securities International provided $215 million in construction financing. Morgan Stanley and another investor contributed $150 million in tax equity.