Savion lands purchase agreement with Target for huge solar project near Houston
Kansas City-based Savion LLC entered into a 160-megawatt power purchase agreement with Target Corp. (NYSE: TGT) on a huge solar project it's developing near Houston.
The project is in Brazoria County and is called the Golden Buckle Solar Project. Construction is expected to begin in late 2021 with commercial operation by the end of 2022. It will include more than 575,000 solar panels and generate 200 megawatts of power. Target is purchasing enough power to offset the electricity use of 60 Target stores or 37,100 homes.
The Minneapolis-based retailer has made a commitment to reduce its greenhouse gas emissions by 30% before 2030. In addition to investing in solar energy production, Target is converting its lighting to LEDs and adding solar rooftop panels to 500 stores.
"Savion is proud to be working with one of the world's most trusted retail brands in its efforts to support green energy," Diana Scholtes, chief commercial officer for Savion, said in a release. "In addition, the development of Golden Buckle Solar Project will also benefit the host community of Brazoria County with local economic boosts through jobs and property tax revenue."
Savion actively manages a Texas portfolio of more than 1,500 megawatts of solar and has more than 600 megawatts of energy-storage projects currently under development. Overall, Savion now has a portfolio of more than 11 gigawatts of renewable energy, making it one of the largest industrial-scale solar energy and energy-storage developers in the U.S.
The company employs about 100 people, managing all aspects of development for customers, partners and project host communities.
Savion was founded after Enel Green Power acquired Lenexa, Kansas-based Tradewind Energy Inc. in March 2019. Part of the deal was to spin off Tradewind's utility-scale solar business, Savion, in a separate sale to Green Investment Group Ltd., a London-based subsidiary of Macquarie Group Ltd., an international bank based in Sydney.