Solar energy firm OCI Solar Power will receive a $40 million loan to fund development of a Texas-based solar photovoltaic park capable of generating almost 40 megawatts. The North American Development Bank (NADB) agreed to provide the loan to OCI to design and build the Alamo 4 Solar Park located in Brackettville. The park is one of 13 solar projects funded by the NADB located in Texas, Arizona and California.
The power produced by the Alamo 4 Solar Park will be purchased by CPS Energy, based in San Antonio, Texas.
Texas is a growing market for the solar industry as the state plans to expand new capacity by nearly 350 MW, Dallas News reported. Decreasing costs of solar development and the completion of the Competitive Renewable Energy Zone project, the $7 billion initiative that enhances power transmission lines and connects renewable sources to the grid in West Texas, could help boost the amount of solar capacity in the state.
Warren Lasher, director of system planning with the Electric Reliability Council of Texas, said solar developers have applied to build almost 2,000 MW of solar farms.