Nexus Renewable Power announced on Friday it had obtained $220 million in additional funding for a major solar and storage combination project in Texas' Lamar County.

Additionally, Goldman Sachs and Meta have joined the project, named MRG Goody Solar and Storage (or "Project Goody"). It is expected to have nearly 172 megawatt alternating current of solar and 237 megawatt hours of storage.

Project Goody is already under construction, and is expected to be commercially operating by the end of this year. It is the first in a series of projects being developed and constructed by Nexus.

According to details in the release, Goldman Sachs is infusing the project with preferred equity to support a hybrid tax financing structure. Meanwhile, Meta will be a beneficiary of the project's output, which will help match its data center electricity use with clean and renewable energy.

Business Briefing

Become a business insider with the latest news.

Or with:

Google

By signing up, you agree to our Terms of Service and Privacy Policy.

Nexus already has $400 million worth of previously announced financing commitments with other parties.

The additional funds complement a previously announced $300 million arrangement with HPS Investment Partners and $100 million in carbon credit financing via a joint venture with Nexus-Bad Carbon.

"Our focus on having strong partners is one the ways we distinguish ourselves in the ERCOT market and enables us to focus on operating these assets for the long haul," Nexus CEO Sargon Daniel said in the release.

Project Goody is named after Michael R. "Goody" Goodboe, who died Nov. 24, 2020, from injuries he sustained while serving overseas in the military, according to the release. He was a highly decorated Navy SEAL, having served in Iraq, Afghanistan, Eastern Europe and Africa.

AdvertisementAdvertisement

This reporting is part of the Future of North Texas, a community-funded journalism initiative supported by the Commit Partnership, Communities Foundation of Texas, The Dallas Foundation, the Dallas Mavericks, the Dallas Regional Chamber, Deedie Rose, the McCune-Losinger Family Fund, The Meadows Foundation, the Perot Foundation, the United Way of Metropolitan Dallas and the University of Texas at Dallas. The News retains full editorial control of this coverage.

Nexus taps Goldman for solar storage project in northeast Texas that will help juice Meta