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7X Energy contracts remaining portion of 100-MW solar project in Texas

7X Energy's Lapetus Solar Project visualization. Source: 7X Energy Inc

December 11 (Renewables Now) - US electric cooperative CoServ Electric has agreed to double the amount of power it will procure from a 100-MW solar plant in West Texas known as the Lapetus Energy Project.

Utility-scale solar developer 7X Energy Inc, which developed and financed the particular project, said on Monday that CoServ will procure an additional 26.5 MW from the solar park and thus bring its total share to 51.5 MW. The deal involves the procurement of blocks of solar generation at a low fixed rate during peak hours when wholesale electric rates are highest. This block-and-index power purchasing strategy by 7X Energy is called SolarBlocks and is a shorter-term alternative to traditional power purchase agreements (PPAs).

As was the case with the initial deal signed earlier this year, CoServ will procure the electricity through Brazos Electric Power Cooperative Inc. They were supported in the development of the solar energy contracts by the National Renewables Cooperative Organization. The announcement says further that Brazos has recently bought 42.5 MW on behalf of seven of its other distribution cooperative members.

7X Energy expects to commence construction work on the project in Andrews County late in the fourth quarter of 2019.

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Browse all articles from Ivan Shumkov

Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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