Norton to bring over 250 construction jobs and economic benefits to Central Texas

New financing from Mitsubishi UFJ Financial Group demonstrates continued confidence in renewable energy projects

EL DORADO HILLS, Calif. & NEW YORK — August 22, 2024 Today, Avantus (formerly 8minute) and Toyota Tsusho America (TAI) announced the beginning of construction of the 159 megawatt (MWdc)/125 MWac Norton Solar Project in Runnels County, Texas. Issuance of a Notice to Proceed (NTP) follows Avantus’ sale of the Norton project in November 2023 to TAI, a 100% subsidiary of Toyota Tsusho Corporation of Japan, one of the Toyota Group Companies. TAI has also closed on a construction and term financing agreement with global financial group Mitsubishi UFJ Financial Group.

The continued collaboration between Avantus and TAI underscores the value that Avantus and its portfolio can bring to leading, multinational companies looking to advance clean energy solutions and their sustainability goals. A long-term Power Purchase Agreement (PPA) has also been secured with a corporate customer for the project.

Avantus will oversee construction of Norton, which is expected to begin operations in late 2025. RES will provide the engineering, procurement and construction (EPC) services for the project.

“Texas is energy country, and that includes massive opportunities in solar. The Norton Solar Project represents the best of what we do at Avantus – develop high-quality clean energy projects that are good for our customers, for the local economy, and for the planet,” said Avantus Chief Financial Officer Patrick Goff. “This project was six years in the making, and I am proud of our team’s persistence in getting Norton shovel-ready and for securing the project’s successful sale to Toyota Tsusho America, Inc. to help meet their sustainability goals.”

Norton is expected to create 250 jobs at peak construction and will provide direct economic benefits to Runnels County and the local community throughout its operating life. The project is expected to offset more than 230,000 metric tons of CO2 per year — the equivalent of taking more than 50,000 gas-powered cars off the road every year.

“Addressing the pressing issue of climate change is a top priority for our company and we are committed to finding innovative and effective solutions,” said Naoyuki Hata, President and CEO of Toyota Tsusho America, Inc. “By leveraging our expertise and collaborating with our customers – who are making progress toward sustainability goals – this Solar Project is an opportunity to create a positive impact on local communities. As well as pave the way toward a sustainable future on a global scale.”

Norton marks the seventh project Avantus has developed and sold in Texas, bringing the total amount of clean energy it has developed in the state to nearly 2 gigawatts (GWdc). With more than 80 projects currently in development, Avantus has one of the largest pipelines of solar and energy storage projects in the United States, exceeding 46 GW of system capacity, including 30 GW of solar and 94 GW-hours (GWh) of energy storage — enough to provide power for more than 20 million people throughout the Southwestern United States.