Adapture Renewables, Inc. announced it has completed its acquisition of Rippey Solar, an 81 megawatt (MW) solar project in Cooke County, Texas from Hanwha Q CELLS USA Corp. Construction of the project, located 90 miles north of Dallas, began in April and the project achieved commercial operation in December 2020.
The project highlights Q CELLS’ strength as a vertically-integrated supplier of modules, developer, and engineering, procurement, and construction (EPC) manager. Hanwha Q CELLS USA Corp. had acquired the project mid-development and completed development work earlier last year before breaking ground. The project uses Q CELLS’ high-performance Q.PEAK DUO L-G8.3 and L-G8.2 modules, ideal for commercial and utility applications thanks to a combination of innovative cell technology and cutting-edge cell interconnection for superior yields and low LCOE.
JK (Jaekyu) Lee, Senior Vice President of Hanwha Q CELLS USA Corp. said, “We’re very proud to partner with Adapture Renewables, Inc. to bring this project to completion. The seamless integration between our development, EPC, and module supply teams facilitated a very efficient transaction during a challenging time in the capital markets due to COVID-19.”
Adapture Renewables, Inc. has a direct stake in the project’s success, having financed the project with in-house capital and will own and operate the project for the long-term. With this new acquisition, the company increases its total portfolio of solar energy generating assets to 239 MW DC across the country, including 95 MW DC in Texas.
“We take a deliberate approach to project selection and acquisition, adding only high-quality assets to our growing portfolio,” said Donald Miller, COO at Adapture Renewables, Inc. “The team at Q CELLS delivered a first-class facility with the Rippey project, and we’re looking forward to our new role as long-term neighbors, providing renewable energy to Texas consumers.”