US renewable energy investment platform Energea has provided financing for the start of construction of the 140 MW DC Iron Spur Solar Project in Snyder, Texas, marking the company's first foray into industrial-scale solar in the United States. Energea is providing up to US$5 million (approximately €4.6 million) in secured convertible financing to the project's special purpose entity, CT Solar One, with an initial US$762,000 disbursed through its Solar in the USA portfolio.

Business Wire reported that the Iron Spur project is being developed by US-based utility-scale solar developer Levona Renewables, and has secured key development milestones including site control, interconnection applications, and an exclusivity agreement with an investment-grade corporate energy user for a long-term power purchase agreement. Construction is expected to reach full operation in early 2029.

Mike Silvestrini, co-founder and managing partner at Energea, said Iron Spur is a strategic evolution for the Solar in the USA portfolio, adding utility-scale exposure and immediate cash generation during the traditionally non-income-producing construction phase. He added that the company sees excellent investment opportunities in industrial-scale solar and anticipates expanding further beyond the distributed generation projects for which it is known, while maintaining its focus on immediate cash yield and strong contractual protection.

The ground-mounted, single-axis tracked facility is located in West Texas and is expected to generate approximately 317 GWh of electricity annually once operational, supported by a 35-year land lease. The project is eligible for the 30 per cent federal Investment Tax Credit with potential domestic content upside, and benefits from a structured engineering, procurement, and construction procurement process aligned with ERCOT utility-scale benchmarks.

Read the full announcement on the Iron Spur Solar Project financing.