LAREDO, Texas – A huge solar energy project is underway in Webb County, thanks in part to financing from the North American Development Bank.
NADB, along with a syndicate of three other lenders, and global renewable energy developer BayWa r.e. Solar Projects, LLC, signed a credit agreement for up to $216.1 million to finance the design, construction, and operation of the 200 MWAC Corazon Solar Project.
It is being constructed on nearly 2,000 acres of private land in Webb County.
Calixto Mateos-Hanel, NADB managing director, said his bank is participating with a $62.9 million loan. The bank served as coordinating lead arranger on the transaction.
“We are proud to collaborate on the construction of the Corazon Solar Project located in Webb County, Texas,” Mateos-Hanel said.
“This solar project will help contribute to what is projected to be the fastest-growing form of power generation in Texas over the next three years, while also fighting climate change.”
According to Mateos-Hanel, NADB has developed and financed 37 clean energy projects, including 20 solar projects.
During a virtual ceremony, Mateos-Hanel and Jam Attari, CEO of BayWa r.e. Solar Projects, LLC signed the loan agreement for NADB’s participation in the Corazon Solar Project.
“We’re pleased to have secured financing from like-minded partners committed to the growth of a more resilient and clean energy future,” Attari said.
“Texas continues to be a strong partner for renewable energy growth, and this milestone represents a win for our climate and the economy, creating more opportunities for the local community and the generations to come. At BayWa r.e., we continue to move forward in our promise to drive the energy transition today for a better tomorrow.”
Attari said the project will generate an estimated 537.30 gigawatt-hours (GWh) of electricity during the first year of operation, equivalent to the annual consumption of 38,074 households, and reduce approximately 258,338 metric tons/year of carbon dioxide (CO2), 195 metric tons/year of nitrogen oxides (NOx) and 219 metric tons/year of sulfur dioxide (SO2).
In addition to the environmental and health benefits, the project is expected to benefit the communities in and around Webb County through the creation of approximately 400 jobs during construction and four on-site jobs during operation.
U.S. Sen. John Cornyn, U.S. Rep. Henry Cuellar, and Webb County Judge Tano Tijerina provided remarks and witnessed the signing of the loan agreement. Both Cornyn and Cuellar helped secure increase capital for NADB under the terms of the new United States-Mexico-Canada Agreement.
Cornyn said: “This solar farm will be a boon to South Texas and is yet another example of the good work the NADBank does to support Texas projects. I was proud to secure their capital increase in the USMCA and will continue to encourage further investment in Webb County.”
Like Cornyn, Cuellar has long been a champion of NADB. He said: “NADB has been critical in financing infrastructure projects that preserve, protect, and enhance the environment at the U.S.-Mexico border. That’s why I worked hard to double NADB’s capital as well as streamline the process by which projects and funding are approved.”
Cuellar thanked NADB for its dedication to addressing the public health and environmental needs of border communities.
“This project will create jobs, bring economic development, and improve the quality of life for our community while reducing pollution and combatting climate change in the process. As a senior member of the House Appropriations Committee, I am committed to funding projects that move us toward a sustainable future, healthier community, and a stronger economy.”
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