Under the terms of the 25-year power purchase agreement (PPA), Austin Energy will purchase the electricity generated at the solar plant, which is being developed by Hanwha in partnership with local landowners on privately held land.
The PPA is in line with city of Austin’s goal to achieve 55% renewable energy production by 2025.
The solar project is a part of Electric Reliability Council of Texas’ (ERCOT) nearly 10,000MW that have filed for interconnection.
Hanwha Q Cells USA chief development officer Laurence Greene said: "The solar facility will be a state-of-the-art generation resource using high-performing and efficient technology that will transform the underutilized site into an environmentally sustainable source of power to the local community."
The company is accelerating the development, design, and construction of the solar project.
Meanwhile, Hanwha Q Cells has closed financing for 8.1MW Tower Hill Farms solar project in the UK.
Germany-based Bayerische Landesbank has provided around £6.2m in financing for the solar project.
EDF Energy will purchase the electricity generated at the project, under a 15-year distributed generation purchase agreement.
Hanwha Q Cells EMEA project finance vice president Jose Joaquin Munoz Osuna said: "We are delighted to announce the refinancing of the third project of our initial UK-solar portfolio with Bayern LB.
"Having successfully completed this transaction with Bayerische Landesbank clearly demonstrates that our close working relationship is a win-win for both companies. We will now focus on expanding activities in developing, constructing and acquiring further renewable generation assets."
