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Houston-area solar farm project secures $185M in financing, names engineering firm

The Fort Bend County project is expected to begin construction early next year. Photo by Red Zeppelin/Pexels

A solar project in Fort Bend County has secured funding and an engineering firm this month.

Impact investment firm Advantage Capital has committed to provide a $185 million investment to Sabanci Renewables Inc., a North American subsidiary of Sabanci Holding based in Austin, to complete the financing of its Cutlass Solar II project 40 miles southwest of Houston. Cutlass II is a 272 MWdc utility-scale solar project under construction in the Electric Reliability Council of Texas (ERCOT).

The project will be located in Fort Bend County. Advantage Capital’s tax equity investment will provide the external capital for Sabanci to complete the project. Sabanci Renewables will own and operate the facility.

“This investment with Sabanci Renewables perfectly aligns with Advantage Capital’s commitment to funding clean energy projects nationwide and will especially have a positive impact on the community in greater Fort Bend County, Texas,” Tom Bitting, Principal at Advantage Capital, says in a news release. “We are thrilled to be working with Sabanci, a trusted name in the global energy industry, in bringing this project online for the benefit of its stakeholders.”.

Operations for Cutlass II are expected in April 2024. The project includes over 500,000 solar panels situated on over 1,000 acres of land. The solar panels are expected to help provide sustainable electricity to more than 80,000 homes in Texas, help to mitigate energy supply security concerns due to hotter weather, and create jobs.

“We are happy to partner up with Advantage Capital in our first renewable energy project in the U.S. and proud to demonstrate our execution capabilities in such a competitive market under such a challenging environment,” Ismail Bilgin, CEO of Sabanci Renewables, said in a news release.

Virginia-headquartered Bechtel, which has a big presence in Houston, has been selected to build the facility for Sabanci Renewables. Sabanci Renewables will own and operate the facility.

"Bechtel is honored to partner with Sabanci Renewables to support a clean energy future," says Kelley Brown, EPC Operations manager, North America Core Renewables, Bechtel Infrastructure, in another news release. "Bechtel's use of new technology in robotics and digital management will help move Cutlass Solar Two from construction to operations in record time, bringing additional renewable energy generation to Texas."

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A View From HETI

20-plus companies will pitch at Energy Tech Nexus' Pilotathon during Houston Energy & Climate Startup Week. Photo via Getty Images.

Energy Tech Nexus will host its Pilotathon and Showcase as part of Houston Energy & Climate Startup Week next Tuesday, Sept. 16, featuring insightful talks from industry leaders and pitches from an international group of companies in the clean energy space.

This year's event will center around the theme "Energy Access and Resilience." Attendees will hear pitches from nine Pilotathon pitch companies, as well as the 14 companies that were named to Energy Tech Nexus' COPILOT accelerator earlier this year.

COPILOT partners with Browning the Green Space, a nonprofit that promotes diversity, equity and inclusion (DEI) in the clean energy and climatetech sectors. The Wells Fargo Innovation Incubator (IN²) at the National Renewable Energy Laboratory backs the COPILOT accelerator, where companies are tasked with developing pilot projects for their innovations.

The nine Pilotathon pitch companies include:

  • Ontario-based AlumaPower, which has developed a breakthrough technology that converts the aluminum-air battery into a "galvanic generator," a long-duration energy source that runs on aluminum as a fuel
  • Calgary-based BioOilSolv, a chemical manufacturing company that has developed cutting-edge biomass-derived solvents
  • Atlanta-based Cultiv8 Fuels, which creates high-quality renewable fuel products derived from hemp
  • Newfoundland-based eDNAtec Inc., a leader in environmental genomics that analyzes biodiversity and ecological health
  • Oregon-based Espiku Inc., which designs and develops water treatment and mineral extraction technologies that rely on low-pressure evaporative cycles
  • New York-based Fast Metals Inc., which has developed a chemical process to extract valuable metals from complex toxic mine tailings that is capable of producing iron, aluminum, scandium, titanium and other rare earth elements using industrial waste and waste CO2 as inputs
  • New Jersey-based Metal Light Inc., which is building a circular, solid metal fuel that will serve as a replacement for diesel fuel
  • Glasgow-based Novosound, which designs and manufactures innovative ultrasound sensors using a thin-film technique to address the limitations of traditional ultrasound with applications in industrial, medical and wearable markets
  • Calgary-based Serenity Power, which has developed a cutting-edge solid oxide fuel cell (SOFC) technology

The COPILOT accelerator companies include:

  • Accelerate Wind
  • Aquora Biosystems Inc.
  • EarthEn
  • Electromaim
  • EnKoat
  • GeoFuels
  • Harber Coatings Inc.
  • Janta Power
  • NanoSieve
  • PolyQor Inc.
  • Popper Power
  • Siva Powers America
  • ThermoShade
  • V-Glass Inc.

Read more about them here.

The Pilotathon will also include a keynote from Taylor Chapman, investment manager at New Climate Ventures; Deanna Zhang, CEO at V1 Climate Solutions; and Jolene Gurevich, director of fellowship experience at Breakthrough Energy. The Texas Climate Tech Collective will present its latest study on the Houston climate tech and innovation ecosystem.

CEOs Moji Karimi of Cemvita, Laureen Meroueh of Hertha Metals and others will also participate in a panel on successful pilots. Investors from NetZero Ventures, Halliburton Labs, Chevron, Saudi Aramco, Prithvi VC and other organizations will also be on-site. Find registration information here.

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