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    2. Renewable Energy - Solar PV & BESS
    3. 240 MW PV + 1,179 MWh ERCOT Solar + BESS Portfolio Acquisition

    240 MW PV + 1,179 MWh ERCOT Solar + BESS Portfolio Acquisition

    Description

    United States
    L#20261136
    An acquisition opportunity to acquire a 100% equity interest in a high-conviction development portfolio comprising four utility-scale solar photovoltaic (PV) and battery energy storage system (BESS) assets across key load zones in Texas.
    The portfolio combines 240 MW of utility-scale solar PV and 1,178.8 MWh of duration-optimized battery storage, targeting Commercial Operation Dates (COD) across 2027–2028. The transaction carries an implied valuation of $35.8M, representing an attractive, de-risked development basis with substantial federal tax upside, strategic congestion capture, and potential offtake monetization driven by regional hyperscale data center expansion.

    Key Deal & Valuation Metrics

    The portfolio pricing reflects a structured development valuation methodology benchmarked against competitive ERCOT transaction comps.
    Metric Specification
    Transaction Perimeter 100% Equity Interest
    Grid / Regional Operator ERCOT (West, North, North Central, South)
    Total Generation & Storage Capacity 240 MW PV / 1,178.8 MWh BESS
    Target COD Window Q2 2027 – Q3 2027 (Fully Operational by 2028)
    Valuation Pricing Basis $100,000 / MW PV  ·  $10,000 / MWh BESS
    Solar PV Implied Value $24.0M (240 MW × $100k/MW)
    Storage Implied Value $11.8M (1,178.8 MWh × $10k/MWh)
    Implied Portfolio Value $35.8M
    Federal Tax Credit Status 100% ITC Eligible (30%–40% basis under IRA)

    Pricing

    • $100k/MW PV · $10k/MWh BESS
    • PV Value $24.0M (240 MW × $100k)
    • BESS Value $11.8M (1,179 MWh × $10k)
    • Implied Total $35.8M

    Portfolio Asset Breakdown

    The four assets offer geographic diversification across distinct ERCOT sub-markets, featuring a balanced mix of standalone duration assets and large-scale co-located solar + storage facilities.
    Project ERCOT Zone PV Capacity (MW) BESS Capacity (MWh) Development / SGIA Status Tax Credit Stack Target COD Implied Value
    Location 1 West — 226.8 Fully Permitted / Interconnection in progress 30% ITC Q2 2027 $2.3M
    Location 2 North — 380.0 Fully Permitted / Interconnection in progress 30% ITC Q3 2027 $3.8M
    Location 3 North Central 50 200.0 SGIA Executed 30% ITC + 10% EC Bonus Q2 2027 $7.0M
    Location 4 South 190 372.0 SGIA Executed 30% ITC + 10% EC Bonus Q3 2027 $22.7M
    TOTAL ERCOT 240 MW 1,178.8 MWh Late-Stage / Interconnection Advanced Up to 40% ITC 2027 $35.8M
    Note: EC = Energy Community qualification under the Inflation Reduction Act.
    Category Line Item / Metric Downside (Bear Case) Base Case (Underwriting) Upside (Bull Case) Notes / Methodology
    1. Portfolio Scope & Assets Total Projects 4 Assets 4 Assets 4 Assets Location 1, Location 2, Location 3, Location 4
    Location 1 (ERCOT West) — PV / 226.8 MWh — PV / 226.8 MWh — PV / 226.8 MWh Fully Permitted · 30% ITC · Q2 2027 · $2.3M Value
    Location 2 (ERCOT North) — PV / 380.0 MWh — PV / 380.0 MWh — PV / 380.0 MWh Fully Permitted · 30% ITC · Q3 2027 · $3.8M Value
    Location 3 (ERCOT N. Central) 50 MW / 200.0 MWh 50 MW / 200.0 MWh 50 MW / 200.0 MWh SGIA Executed · 40% ITC (EC) · Q2 2027 · $7.0M Value
    Location 4 (ERCOT South) 190 MW / 372.0 MWh 190 MW / 372.0 MWh 190 MW / 372.0 MWh SGIA Executed · 40% ITC (EC) · Q3 2027 · $22.7M Value
    Total Portfolio Capacity 240 MW / 1,178.8 MWh 240 MW / 1,178.8 MWh 240 MW / 1,178.8 MWh 4-hour BESS duration across all 4 locations
    Target COD Window 2027–2028 2027–2028 2027–2028 SGIAs executed for Locations 3 & 4 (83% of value)
    2. Development Valuation PV Pricing Basis ($100k / MW) $24.0M $24.0M $24.0M 240 MW × $100k/MW (Locations 3 & 4)
    BESS Pricing Basis ($10k / MWh) $11.8M $11.8M $11.8M 1,178.8 MWh × $10k/MWh (Locations 1 to 4)
    Implied Acquisition Price $35.8M $35.8M $35.8M 100% Equity Interest acquisition
    3. Project CapEx & Financing Turnkey EPC CapEx (Solar + BESS) $475.1M $475.1M $460.0M PV: $850/kWdc · BESS (4h): $230/kWh
    Grid Interconnection & Soft Costs $57.9M $57.9M $54.2M POI bays, gen-tie lines, TSP security deposits
    Total Uses of Funds (CapEx + Dev) $568.8M $568.8M $550.0M Total capital required to COD
    Tax Equity Proceeds (ITC) $157.0M $191.6M $238.4M Bear: 30% baseline · Base: 36.6% · Bull: 46.6%
    Senior Project Debt Facility $285.0M $320.0M $335.0M Construction-to-term facility (~60% gearing)
    Sponsor Net Equity Check $126.8M $57.2M $31.6M Net equity commitment required from Sponsor
    4. Scenario Drivers BESS Revenue Stack ($/kW-yr) $110 / kW-yr $145 / kW-yr $185 / kW-yr Ancillary Services (ECRS/RRS) + RT Arbitrage
    Solar PV Capture Price ($/MWh) $26.0 / MWh $34.0 / MWh $42.0 / MWh Nodal spot vs. contracted data center floor
    Commercial Offtake Structure 100% Spot Merchant 60% Tolling / 40% Spot 80% DC Contract / 20% Spot LOI secured for hyperscale data center
    Senior Debt All-in Interest Rate 7.25% (SOFR + 250 bps) 6.50% (SOFR + 200 bps) 5.75% (SOFR + 165 bps) Sculpted amortization over 18 years
    5. Operating Performance Average Annual Net Revenue (Yr 1–5) $58.2M $79.6M $104.2M Combined generation across Locations 1–4
    Average Annual EBITDA (Yr 1–5) $46.5M $66.8M $89.5M Net of O&M, land leases, insurance & property tax
    Average Portfolio DSCR 1.28x 1.48x 1.82x Minimum required covenant: 1.20x–1.30x
    6. Return Metrics Unlevered Project IRR (25-Yr) 8.4% 11.8% 15.6% Total project return before leverage
    Levered Equity IRR (Hold-to-Maturity) 11.2% 17.4% 24.8% 25-year sponsor equity return
    Levered Equity IRR (Exit at COD+7) 12.8% 19.6% 27.5% 7-year secondary market exit
    Equity Multiple (MoIC at COD+7) 1.75x 2.45x 3.35x Multiple on invested sponsor equity
    Equity NPV @ 10% Discount $18.5M $74.2M $142.8M Net Present Value of sponsor distributions
    Sponsor Payback Period 4.8 Years 2.2 Years 1.4 Years Breakeven on initial equity check
    7. 10-Yr Cash Flow to Equity Year 0 / Construction (2026/27) ($126.8M) ($57.2M) ($31.6M) Initial sponsor net equity draw
    (Base Case FCFE Profile) Year 1 / 2027 (COD) $15.8M $23.0M $32.4M EBITDA less Debt Service & Tax Equity pref
    Year 2 / 2028 $22.4M $31.5M $44.1M Full-year operational run-rate
    Year 3 / 2029 $24.1M $33.5M $46.8M Sponsor reaches cumulative positive cash flow
    Year 4 / 2030 $25.5M $35.1M $48.9M Steady operational stage
    Year 5 / 2031 $26.8M $36.4M $50.7M Steady operational stage
    Year 6 / 2032 $29.0M $39.3M $54.2M Lower tax equity preferred hurdle post-flip
    Year 7 / 2033 (Battery Augmentation) $24.5M $36.7M $52.0M Includes $4.5M cell augmentation CapEx
    Year 8 / 2034 $31.2M $42.5M $58.1M Post-augmentation capacity restoration
    Year 9 / 2035 $32.4M $43.9M $60.0M High-margin contracted cash flows
    Year 10 / 2036 $33.6M $45.4M $62.1M Cumulative Base Case FCFE: $367.3M

    Confidential & Indicative Only: This financial model and the accompanying projections are provided solely for illustrative and preliminary discussion purposes. The assumptions, estimates, cash flows, and return metrics (including IRR and Payback Period) contained herein are forward-looking statements based on theoretical market conditions, standard industry benchmarks, and preliminary data. They do not constitute an offer to buy or sell securities, a binding valuation, investment advice, or a commitment of financing.

    Actual operational and financial performance may differ materially due to market fluctuations, regulatory changes, environmental liabilities, off-take agreement terms (e.g., PPA negotiations with Hydro-Québec), and unforeseen facility restart/maintenance costs. Prospective investors, lenders, and strategic buyers must conduct their own independent technical, legal, environmental, and financial due diligence before entering into any binding transaction.

    Basic Details

    Target Price:

    $ 35,800,000

    Gross Revenue

    $32,400,000

    EBITDA

    $23,000,000

    Business ID:

    L#20261136

    Country

    United States

    State:

    United States

    Detail

    Business ID:L#20261136
    Property Type:Renewable Energy - Solar PV & BESS
    Property Status:For Sale
    Target Price: $ 35,800,000
    Gross Revenue:$ 32,400,000
    EBITDA:$ 23,000,000
    Target Price / Revenue:1.1x
    Target Price / EBITDA:1.56x
    Contact M&A Advisor








      Published on September 3, 2026 at 9:13 am. Updated on September 3, 2026 at 9:25 pm

      An acquisition opportunity to acquire a 100% equity interest in a high-conviction development portfolio comprising four utility-scale solar photovoltaic (PV) and battery energy storage system (BESS) assets across key load zones in Texas.
      The portfolio combines 240 MW of utility-scale solar PV and 1,178.8 MWh of duration-optimized battery storage, targeting Commercial Operation Dates (COD) across 2027–2028. The transaction carries an implied valuation of $35.8M, representing an attractive, de-risked development basis with substantial federal tax upside, strategic congestion capture, and potential offtake monetization driven by regional hyperscale data center expansion.

      Key Deal & Valuation Metrics

      The portfolio pricing reflects a structured development valuation methodology benchmarked against competitive ERCOT transaction comps.
      Metric Specification
      Transaction Perimeter 100% Equity Interest
      Grid / Regional Operator ERCOT (West, North, North Central, South)
      Total Generation & Storage Capacity 240 MW PV / 1,178.8 MWh BESS
      Target COD Window Q2 2027 – Q3 2027 (Fully Operational by 2028)
      Valuation Pricing Basis $100,000 / MW PV  ·  $10,000 / MWh BESS
      Solar PV Implied Value $24.0M (240 MW × $100k/MW)
      Storage Implied Value $11.8M (1,178.8 MWh × $10k/MWh)
      Implied Portfolio Value $35.8M
      Federal Tax Credit Status 100% ITC Eligible (30%–40% basis under IRA)

      Pricing

      • $100k/MW PV · $10k/MWh BESS
      • PV Value $24.0M (240 MW × $100k)
      • BESS Value $11.8M (1,179 MWh × $10k)
      • Implied Total $35.8M

      Portfolio Asset Breakdown

      The four assets offer geographic diversification across distinct ERCOT sub-markets, featuring a balanced mix of standalone duration assets and large-scale co-located solar + storage facilities.
      Project ERCOT Zone PV Capacity (MW) BESS Capacity (MWh) Development / SGIA Status Tax Credit Stack Target COD Implied Value
      Location 1 West — 226.8 Fully Permitted / Interconnection in progress 30% ITC Q2 2027 $2.3M
      Location 2 North — 380.0 Fully Permitted / Interconnection in progress 30% ITC Q3 2027 $3.8M
      Location 3 North Central 50 200.0 SGIA Executed 30% ITC + 10% EC Bonus Q2 2027 $7.0M
      Location 4 South 190 372.0 SGIA Executed 30% ITC + 10% EC Bonus Q3 2027 $22.7M
      TOTAL ERCOT 240 MW 1,178.8 MWh Late-Stage / Interconnection Advanced Up to 40% ITC 2027 $35.8M
      Note: EC = Energy Community qualification under the Inflation Reduction Act.
      Category Line Item / Metric Downside (Bear Case) Base Case (Underwriting) Upside (Bull Case) Notes / Methodology
      1. Portfolio Scope & Assets Total Projects 4 Assets 4 Assets 4 Assets Location 1, Location 2, Location 3, Location 4
      Location 1 (ERCOT West) — PV / 226.8 MWh — PV / 226.8 MWh — PV / 226.8 MWh Fully Permitted · 30% ITC · Q2 2027 · $2.3M Value
      Location 2 (ERCOT North) — PV / 380.0 MWh — PV / 380.0 MWh — PV / 380.0 MWh Fully Permitted · 30% ITC · Q3 2027 · $3.8M Value
      Location 3 (ERCOT N. Central) 50 MW / 200.0 MWh 50 MW / 200.0 MWh 50 MW / 200.0 MWh SGIA Executed · 40% ITC (EC) · Q2 2027 · $7.0M Value
      Location 4 (ERCOT South) 190 MW / 372.0 MWh 190 MW / 372.0 MWh 190 MW / 372.0 MWh SGIA Executed · 40% ITC (EC) · Q3 2027 · $22.7M Value
      Total Portfolio Capacity 240 MW / 1,178.8 MWh 240 MW / 1,178.8 MWh 240 MW / 1,178.8 MWh 4-hour BESS duration across all 4 locations
      Target COD Window 2027–2028 2027–2028 2027–2028 SGIAs executed for Locations 3 & 4 (83% of value)
      2. Development Valuation PV Pricing Basis ($100k / MW) $24.0M $24.0M $24.0M 240 MW × $100k/MW (Locations 3 & 4)
      BESS Pricing Basis ($10k / MWh) $11.8M $11.8M $11.8M 1,178.8 MWh × $10k/MWh (Locations 1 to 4)
      Implied Acquisition Price $35.8M $35.8M $35.8M 100% Equity Interest acquisition
      3. Project CapEx & Financing Turnkey EPC CapEx (Solar + BESS) $475.1M $475.1M $460.0M PV: $850/kWdc · BESS (4h): $230/kWh
      Grid Interconnection & Soft Costs $57.9M $57.9M $54.2M POI bays, gen-tie lines, TSP security deposits
      Total Uses of Funds (CapEx + Dev) $568.8M $568.8M $550.0M Total capital required to COD
      Tax Equity Proceeds (ITC) $157.0M $191.6M $238.4M Bear: 30% baseline · Base: 36.6% · Bull: 46.6%
      Senior Project Debt Facility $285.0M $320.0M $335.0M Construction-to-term facility (~60% gearing)
      Sponsor Net Equity Check $126.8M $57.2M $31.6M Net equity commitment required from Sponsor
      4. Scenario Drivers BESS Revenue Stack ($/kW-yr) $110 / kW-yr $145 / kW-yr $185 / kW-yr Ancillary Services (ECRS/RRS) + RT Arbitrage
      Solar PV Capture Price ($/MWh) $26.0 / MWh $34.0 / MWh $42.0 / MWh Nodal spot vs. contracted data center floor
      Commercial Offtake Structure 100% Spot Merchant 60% Tolling / 40% Spot 80% DC Contract / 20% Spot LOI secured for hyperscale data center
      Senior Debt All-in Interest Rate 7.25% (SOFR + 250 bps) 6.50% (SOFR + 200 bps) 5.75% (SOFR + 165 bps) Sculpted amortization over 18 years
      5. Operating Performance Average Annual Net Revenue (Yr 1–5) $58.2M $79.6M $104.2M Combined generation across Locations 1–4
      Average Annual EBITDA (Yr 1–5) $46.5M $66.8M $89.5M Net of O&M, land leases, insurance & property tax
      Average Portfolio DSCR 1.28x 1.48x 1.82x Minimum required covenant: 1.20x–1.30x
      6. Return Metrics Unlevered Project IRR (25-Yr) 8.4% 11.8% 15.6% Total project return before leverage
      Levered Equity IRR (Hold-to-Maturity) 11.2% 17.4% 24.8% 25-year sponsor equity return
      Levered Equity IRR (Exit at COD+7) 12.8% 19.6% 27.5% 7-year secondary market exit
      Equity Multiple (MoIC at COD+7) 1.75x 2.45x 3.35x Multiple on invested sponsor equity
      Equity NPV @ 10% Discount $18.5M $74.2M $142.8M Net Present Value of sponsor distributions
      Sponsor Payback Period 4.8 Years 2.2 Years 1.4 Years Breakeven on initial equity check
      7. 10-Yr Cash Flow to Equity Year 0 / Construction (2026/27) ($126.8M) ($57.2M) ($31.6M) Initial sponsor net equity draw
      (Base Case FCFE Profile) Year 1 / 2027 (COD) $15.8M $23.0M $32.4M EBITDA less Debt Service & Tax Equity pref
      Year 2 / 2028 $22.4M $31.5M $44.1M Full-year operational run-rate
      Year 3 / 2029 $24.1M $33.5M $46.8M Sponsor reaches cumulative positive cash flow
      Year 4 / 2030 $25.5M $35.1M $48.9M Steady operational stage
      Year 5 / 2031 $26.8M $36.4M $50.7M Steady operational stage
      Year 6 / 2032 $29.0M $39.3M $54.2M Lower tax equity preferred hurdle post-flip
      Year 7 / 2033 (Battery Augmentation) $24.5M $36.7M $52.0M Includes $4.5M cell augmentation CapEx
      Year 8 / 2034 $31.2M $42.5M $58.1M Post-augmentation capacity restoration
      Year 9 / 2035 $32.4M $43.9M $60.0M High-margin contracted cash flows
      Year 10 / 2036 $33.6M $45.4M $62.1M Cumulative Base Case FCFE: $367.3M

      Confidential & Indicative Only: This financial model and the accompanying projections are provided solely for illustrative and preliminary discussion purposes. The assumptions, estimates, cash flows, and return metrics (including IRR and Payback Period) contained herein are forward-looking statements based on theoretical market conditions, standard industry benchmarks, and preliminary data. They do not constitute an offer to buy or sell securities, a binding valuation, investment advice, or a commitment of financing.

      Actual operational and financial performance may differ materially due to market fluctuations, regulatory changes, environmental liabilities, off-take agreement terms (e.g., PPA negotiations with Hydro-Québec), and unforeseen facility restart/maintenance costs. Prospective investors, lenders, and strategic buyers must conduct their own independent technical, legal, environmental, and financial due diligence before entering into any binding transaction.

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