Advanced Power has sold its 100% interest in Cutlass Solar II LLC to Sabanci Renewables, a wholly owned subsidiary of Sabanci Holdings.
Advanced Power and Sabanci aim to continue their affiliation through the construction of Cutlass Solar II – the Turkish-based company’s first U.S. energy venture. The 272 MW project is expected to begin commercial operation in 2024 and will sell energy and renewable energy credits into the ERCOT market.
“We value the relationship we’ve forged with Sabanci Holdings and welcome the next phase – demonstrating Advanced Power’s robust expertise in engineering, construction, and asset management,” says Thomas Spang, Advanced Power’s CEO. “Sabanci is already one of the leading conglomerates in Turkey’s growing and developing electricity markets, and we’re proud to support their expansion into the U.S.”
Cutlass Solar II is located in Fort Bend County, Texas, and will serve the load centers of Houston and Freeport. The 1,100-acre site is approximately 40 miles southwest of Houston, and construction is expected to begin in fourth quarter.
The sale of Cutlass Solar II is the second and final phase of Advanced Power’s Cutlass Solar projects. The first phase was completed when Cutlass Solar began successful operations during July 2022, delivering much needed electricity to the ERCOT power grid during periods of peak demand when it was most needed this summer.