Acquisition · Energy (solar power)
Tokyo Gas buys Texas's largest planned solar farm, its first overseas solar project
- Buyer
- Tokyo Gas (via Tokyo Gas America) (Tokyo)
- Target
- Aktina solar project (from Hecate Energy), Wharton County, Texas
- Value
- Price not stated; Tokyo Gas put about ¥49B (about $460M) into the new holding company
- Status
- Completed August 5, 2020 (US time). The plant was built in stages and began selling power in 2021.
- Date
- 2020-07-29
Tokyo Gas America bought the Aktina solar project near Houston from developer Hecate Energy. At about 500 MW (AC), it was expected to be the largest solar plant in Texas, selling its power into the ERCOT wholesale market. Tokyo Gas did not give the price but set up a new holding company, TG Aktina Holdings, with about ¥49 billion of capital.
Why it matters
It was Tokyo Gas's first overseas solar project and a big step toward its goal of 5 GW of renewable power by 2030, alongside its Texas shale gas business.
The project
The site is in Wharton County. It is rated 500 MW AC (631 MW DC) and covers about 4,000 acres with roughly 1.4 million solar panels. Tokyo Gas America's Ken Kiriishi called it the company's first solar project purchase in the US.
Building it
Construction was due to begin in the third quarter of 2020, with Rosendin as the main contractor. The plant came online in blocks from mid-2021 and was expected to reach full output in 2022.
Tokyo Gas's plan
With Aktina, Tokyo Gas said its owned or contracted renewable capacity would pass 1,200 MW (DC). Its Compass 2030 plan also aims for net-zero CO2 emissions around 2050. Tokyo Gas said Texas had little solar so far, but its fast-growing power market could become a major one.
Sources
Kakehashi M&A News home
