What is a ‘devon solar energy’ company?
Posted May 15, 2018 12:03:53Devon Energy Corporation, which is owned by a private equity firm called Blackstone Capital, is the second-largest solar energy company in the United States, with more than 20 million customers.
In 2017, the company was ranked No. 5 in solar energy.
The company has recently been working on its first new generation solar farm in the U.S., in Tennessee, which has a total capacity of 1.5 megawatts.
Devon Energy is also developing a 1.3-megawatt solar project in Florida.
Devon also has a contract with the federal government to sell energy from its rooftop arrays to the federal power grid.
The project is expected to cost about $1.4 billion, according to the company.
The utility has said it is considering building the facility on a property in the city of Nashville, which was also used by the state for a wind farm when it was built in the 1990s.
The federal government and the utility are also considering constructing a transmission line to connect the new solar farm to Tennessee’s electric grid.
Devons first project was in the Midwest.
In 2013, the utility leased the land from the former owner of the site, EMC, and converted it into a solar park.
The developer said the site was a natural extension of the existing solar park, which had operated on the property since the late 1980s.
EMC is a subsidiary of Enron, which in 2006 filed for bankruptcy protection after a $1 billion loss.
Devon’s new project in Tennessee comes at a time when solar energy has become a key part of Tennessee’s energy portfolio, with its largest utility, Pinnacle Energy, now purchasing energy from other energy sources such as wind and geothermal.
In May 2018, the Tennessee Public Service Commission approved the acquisition of the project by Devons’ new owners, E-Energy, and Energy Transfer Partners.
The transaction will have an estimated value of $1,350 million.
This story has been updated to include information about the federal acquisition of Devons.