Energea who are a global renewable energy developer and operator that manages four renewable energy investment portfolios, announced that construction has started on Iron Spur Solar, a 140 MW DC utility-scale solar power project in Snyder, Texas. In this project, Energea has provided financing. Construction of the solar project will reach full operation in early 2029. Additionally, Iron Spur’s has secured an exclusivity agreement with an investment-grade corporate energy user for a long-term Power Purchase Agreement.
Furthermore, Energea will provide up to $5 million of secured convertible financing for the Iron Spur Solar project. An initial $762,000 initial investment was made through its Solar in the USA Portfolio. The funding is Energea’s first for an industrial-scale solar project in the U.S., utilizing an innovative convertible loan structure that generates immediate income while maintaining a clear path to majority project ownership.
The Project Adds on to Texas Renewable Energy Projects
This solar projects adds to the overall renewable energy portfolio of Texas as the the state gears up to meet its clean energy goals. Other than this, another mega renewable energy project known as the Helix Renewable Fuel Plant is to be developed in Houston, Texas.
Significance of the Project
“Iron Spur is a strategic evolution for our Solar in the USA portfolio, adding utility-scale exposure and immediate cash generation during the traditionally non-income-producing construction phase,” stated Mike Silvestrini, who is the Co-Founder and Managing Partner at Energea. “We see excellent investment opportunities in industrial-scale solar and anticipate expanding further beyond distributed generation projects for which we undertake, while maintaining Energea’s focus on immediate cash yield and strong contractual protection. The Iron Spur Project speaks to our focus on risk-adjusted returns, providing secured debt protection today while preserving the optionality to convert to majority equity ownership as the project reaches key milestones.”
Moreover, The Iron Spur Solar Project is strategically located in West Texas. West Texas stands as one of the most established and liquid utility-scale solar markets in the United States.
Annual Generation Capacity
The ground-mounted, single-axis tracked facility will generate about 317 GWh of electricity annually once operational, supported by a 35-year land lease and a de-risked interconnection strategy that avoids costly substation upgrades.
Rather than acquiring the project outright, Energea is providing development capital through a secured, convertible loan to the project’s special purpose entity, CT Solar One, LLC. The structure features monthly cash interest payments providing immediate income, a five-year maturity on each loan advance, and a first-priority security interest in 100% of the project’s equity.
Iron Spur has secured key development milestones including site control, interconnection applications. Also, it has secured an exclusivity agreement with an investment grade buyer for a long-term Power Purchase Agreement. Additionally, the project is eligible for the 30% federal Investment Tax Credit with potential domestic content upside, and benefits from a structured EPC procurement process aligned with ERCOT utility-scale benchmarks.
Developer
The Iron Spur project development works will be conducted by Levona Renewables, a U.S.-based utility-scale solar developer. It will be part of a broader platform, with Levona and Energea exploring additional opportunities to collaborate on future utility-scale solar projects in the region.
Iron Spur Solar Project Factsheet
Capacity: 140 MW DC
Annual Generation: Approximately 317 GWh
Location: Snyder, West Texas (ERCOT Market)
Technology: Ground-mounted, single-axis tracking PV
Land Status: Secured via a 35-year land lease
Project Owner/Lead: Levona Renewables
Major Financier: Energea (via Solar in the USA Portfolio)
Construction Start: May 1, 2026
Target Completion: Early 2029
