Misae I Solar
Project Size: ~327 MW
Location: Childress, TX
Estimated Annual Power Production: 646,000 MWh/yr
Mounting Solution: 1-Axis ground mount
Status: Sold, Placed in Service 2020, Operating
The Misae I Solar Project, located in Childress County, Texas, is a landmark 327 MWdc utility-scale solar facility that played a pivotal role in shaping the evolution of power contracting for solar projects in the ERCOT market. Misae I represents one of the most advanced and strategically structured solar projects of its time. Blue Planet ("BP") and Greenleaf-TNX Resources ("TNX") purchased Misae I project during the mid-stage development phase from Texas developer Miguel Oneto and successfully executed critical final steps, including EPC contracting, final engineering, and the structuring and sourcing and negotiating the power purchase agreement (PPA).
Misae 1 site
What distinguishes Misae I within the Texas market—and nationally—is BP/TNX’s development of a solar hedge as the core of the project’s revenue model. At the time, the concept of a structured shaped-hedge in place of a traditional long-term utility PPA for solar was considered novel.
BP/TNX’s approach involved securing a long-term fixed-price contract for energy through a financial hedge with a major counterparty, effectively creating revenue certainty despite the project's merchant exposure in the ERCOT market. This “virtual PPA” construct allowed the project to lock in revenues while maintaining flexibility and market exposure. The success of this model at Misae I helped catalyze its adoption across Texas, where hedge-based contracting is now the prevailing standard for utility-scale solar.
BP/TNX’s completion of development positioned the project for successful sale and financing. The project was sold to Copenhagen Infrastructure Partners (CIP), a global infrastructure fund, which provided construction financing and long-term ownership. EPC construction was carried out by Mortenson Construction, which built a new 34.5/345 kV substation and completed installation of single-axis tracking PV infrastructure across approximately 1,674 acres of land. The project achieved commercial operations in late 2019 to early 2020. The scale and technical execution of the project were further enhanced by tax equity financing and strategic participation by entities including Goldman Sachs and the Ingka Group (IKEA), which acquired a long-term equity stake shortly before COD.
One of several of Misae I's main arrays
In terms of impact, Misae I generates enough electricity to power approximately 60,000 homes and offsets an estimated 440,000 tons of CO₂ emissions annually. Today, Misae I stands as a defining project in the Texas solar market—not only for its scale and execution, but for the financial innovation introduced by BP/TNX. It is widely regarded as a template for how merchant solar in ERCOT can be structured, financed, and brought to market at scale.
More News on Misae I:
Location: Childress, TX
Estimated Annual Power Production: 646,000 MWh/yr
Mounting Solution: 1-Axis ground mount
Status: Sold, Placed in Service 2020, Operating
The Misae I Solar Project, located in Childress County, Texas, is a landmark 327 MWdc utility-scale solar facility that played a pivotal role in shaping the evolution of power contracting for solar projects in the ERCOT market. Misae I represents one of the most advanced and strategically structured solar projects of its time. Blue Planet ("BP") and Greenleaf-TNX Resources ("TNX") purchased Misae I project during the mid-stage development phase from Texas developer Miguel Oneto and successfully executed critical final steps, including EPC contracting, final engineering, and the structuring and sourcing and negotiating the power purchase agreement (PPA).
Misae 1 site
What distinguishes Misae I within the Texas market—and nationally—is BP/TNX’s development of a solar hedge as the core of the project’s revenue model. At the time, the concept of a structured shaped-hedge in place of a traditional long-term utility PPA for solar was considered novel.
BP/TNX’s approach involved securing a long-term fixed-price contract for energy through a financial hedge with a major counterparty, effectively creating revenue certainty despite the project's merchant exposure in the ERCOT market. This “virtual PPA” construct allowed the project to lock in revenues while maintaining flexibility and market exposure. The success of this model at Misae I helped catalyze its adoption across Texas, where hedge-based contracting is now the prevailing standard for utility-scale solar.
BP/TNX’s completion of development positioned the project for successful sale and financing. The project was sold to Copenhagen Infrastructure Partners (CIP), a global infrastructure fund, which provided construction financing and long-term ownership. EPC construction was carried out by Mortenson Construction, which built a new 34.5/345 kV substation and completed installation of single-axis tracking PV infrastructure across approximately 1,674 acres of land. The project achieved commercial operations in late 2019 to early 2020. The scale and technical execution of the project were further enhanced by tax equity financing and strategic participation by entities including Goldman Sachs and the Ingka Group (IKEA), which acquired a long-term equity stake shortly before COD.
One of several of Misae I's main arrays
In terms of impact, Misae I generates enough electricity to power approximately 60,000 homes and offsets an estimated 440,000 tons of CO₂ emissions annually. Today, Misae I stands as a defining project in the Texas solar market—not only for its scale and execution, but for the financial innovation introduced by BP/TNX. It is widely regarded as a template for how merchant solar in ERCOT can be structured, financed, and brought to market at scale.
More News on Misae I: