Project Well Positioned to Efficiently Reach Commercial Operations, Providing Regional Clean Power and Promoting Local Economic Prosperity
HOUSTON, June 13, 2023 – Linea Energy LLC (“Linea Energy”), a geographically and technologically diversified independent power producer and an EnCap Investments L.P. (“EnCap”) portfolio company, announced today that it has acquired a 490-megawatt direct current (“MWdc”) solar project from Horus Energy, an international developer headquartered in London, England. This significant acquisition marks Linea Energy's entry into the Texas market and advances its strategic plan to efficiently and economically decarbonize the power sector.
The project is in the Houston zone of ERCOT (Electric Reliability Council of Texas), characterized by high load growth, advantaged basis, and strong energy prices relative to other U.S. power markets. The project is expected to generate enough clean energy to power more than 63,000 homes and provide numerous local job opportunities during its construction and operation. Additionally, Linea Energy is exploring the possibility of utilizing domestic equipment in the project, demonstrating its interest in supporting local industries and economies.
"We are thrilled to continue the development and ultimate construction of this premier solar project, which will bring approximately 900 GWh per year of renewable energy to the Houston area,” said Cassidy DeLine, CEO of Linea Energy. "Despite recent legislative challenges to the renewable energy sector in Texas, we expect Texas to remain a vanguard of smart renewable policy that reduces energy costs to consumers and incentivizes investment in clean power."
"We are pleased that Linea Energy is acquiring this project. Linea Energy’s leadership team and its financial sponsor, EnCap, have a demonstrated track record of developing, constructing, and commercializing renewable energy assets and we have confidence that Linea Energy will advance this project to commercial operations.” said Stefano Romanin, CEO of Horus Energy. “As a solar developer, we are committed to delivering high quality projects that drive positive environmental and economic impact. We are proud of this project and the clean energy it will bring to the Houston area, showcasing our dedication to building a sustainable future.”
Linea Energy is committed to expanding the use of clean energy sources and promoting environmental sustainability. The acquisition of the 490 MWdc solar project from Horus Energy highlights the company's dedication to building a brighter, cleaner future for Houston and beyond.
For more information about Linea Energy and its clean energy initiatives, please visit lineaenergy.com.
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About Linea Energy
Linea Energy is an independent power producer that is applying best-in-class, modern practices to optimize the process in which renewable energy is developed and financed to rapidly increase the speed of deployment. The Linea management team is comprised of industry veterans who are experts in their respective fields. Linea is scaling quickly to become a transformational leader in the development and ownership of clean energy infrastructure. By leveraging best-in-class development capabilities and active risk management, Linea aims to consistently create better results for partners and communities. For more information, please visit lineaenergy.com.
About EnCap Investments L.P.
Since 1988, EnCap Investments has been a leading provider of growth capital to the independent sector of the U.S. energy industry. The firm has raised 24 institutional investment funds totaling approximately $40billion and currently manages capital on behalf of more than 350 U.S. and international investors. Founded in 2019, the EnCap Energy Transition platform is led by four Managing Partners, each with 30-35 years of experience in the development and operations of renewables and power generation. For more information, please visit www.encapinvestments.com.
About Horus Energy
Horus Energy, a leading renewables developer, has an impressive track record in developing over 4GW of renewable energy projects across multiple countries. With a strong focus on the U.S. market, the company currently has over 4.5GW of solar photovoltaic and battery energy storage system (BESS) projects under development. Horus Energy is committed to delivering value to investors and utilities through its portfolio of renewable energy projects, while upholding high standards in land management, ecosystem protection, stakeholder engagement, and community development.
Chrisie Yabu, APR