Cubico Sustainable Investments has officially commenced commercial operations at the Crossett Solar Park, a 132 MWdc solar photovoltaic facility located in Ashley County, Arkansas. This project marks the second solar plant launched by Cubico in the past year, increasing its operational portfolio in the United States to over 800 MW, with an additional 2 GW in development [1][2].
Key Highlights of the Crossett Solar Park
- Power Purchase Agreement (PPA): The Crossett Solar Park has secured a long-term PPA with Google, which will utilize the generated electricity to support its operations in the American Midwest. This agreement is crucial as the demand for power from new and existing data centers continues to rise, creating significant opportunities for renewable energy developers [1][2].
- Facilitation through LEAP: The PPA was facilitated through LEAP (LevelTen Energy’s Accelerated Process), co-developed by Google and LevelTen Energy, aimed at streamlining the sourcing and execution of clean energy agreements [1].
- Tax Equity Financing: In June 2024, tax equity financing for the project was successfully closed with Greenprint Capital, which acted as the tax equity partner. This financing structure is essential for the project’s economic viability and growth [1][2].
- Significance in Arkansas: The Crossett Solar Park is one of the largest utility-scale solar projects in Arkansas, contributing to the state’s renewable energy transition. In 2023, Arkansas generated 1,200 GWh of solar power, indicating a strong potential for further growth in renewable energy [1][2].
Statements from Key Stakeholders
- Stacey Kusters, Country Head USA at Cubico, expressed pride in the successful launch of the Crossett Solar Park, emphasizing the company’s commitment to delivering high-quality renewable energy projects and developing a robust greenfield pipeline [1].
- Amanda Peterson Corio, Google’s Global Head of Data Center Energy, highlighted the partnership’s role in providing carbon-free energy to support Google’s operations, showcasing the transformative nature of scalable clean energy procurement [1].
- Peter DeFazio, Managing Director of Greenprint Capital, noted the innovative financing mechanisms enabled by the Inflation Reduction Act, which have facilitated the growth of renewable energy projects across the nation [1].
Conclusion
The launch of the Crossett Solar Park underscores Cubico’s strategic expansion into emerging renewable markets like Arkansas, positioning the company to contribute significantly to a cleaner and more sustainable energy future in the United States.
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