June 8, 2024

Arevia Power Secures $2.3 Billion PPA for Solar Project

Arevia Power, a U.S-based renewable energy developer has entered into a power off-take agreement with utility company NV Energy. This agreement secures the output of the 700-MW Libra solar-plus-storage complex, which will be located in Nevada. The solar-storage complex will be installed at a total cost of more than USD 2.3 billion (EUR 2.1bn) and will be the largest one of its kind in Nevada. It is anticipated to become operational by the end of 2027.

The Project To Produce 1,948,000 Mwh Annually

The Libra Solar project features a 700-MWAC solar system paired with a 700-MW energy storage system, capable of delivering 2,800 MWh of energy storage daily. This project is anticipated to generate 1,948,000 MWh annually. It will cover 5,141 acres of land in Mineral County, Nevada, with the majority of the generation tie line situated in Lyon County. The development and construction phases of this venture are expected to create 1,100 jobs, providing $250 million in direct wages.

U.S. Rep. Steven Horsford stated, “The signing of the power purchase agreement for the Libra Solar project represents a significant step in our fight against climate change. This transformative initiative will not only produce an unprecedented amount of solar energy and battery storage but will also create over 1,000 quality jobs and stimulate economic growth in Mineral County. I am excited to see Nevada continue to lead in renewable energy production. The positive impact of this project will be felt across our communities, particularly in the 4th District, ensuring a cleaner environment and a robust job market for years to come.”

NV Energy’s Dedication to Sustainability

NV Energy’s CEO, Doug Cannon, emphasized the company’s commitment to delivering renewable energy solutions to its customers. The partnership with Arevia Power highlights NV Energy’s dedication to sustainability and reducing carbon emissions. The integration of large-scale battery storage with solar energy aligns with NV Energy’s vision of a cleaner and more sustainable energy future for Nevada.

The Solar Project To Be Approved Through NV Energy’s IRP

The Libra Solar project is set to be approved through NV Energy’s Integrated Resource Plan (IRP), showcasing the potential of renewable energy to drive economic growth and environmental stewardship. The project, along with other solar and battery PPAs, will contribute to meeting renewable energy standards, ensuring reliable energy access for customers, and supporting Nevada’s transition to cleaner energy sources.

Key components of the IRP include three significant solar and battery power purchase agreements (PPAs), totaling over 1,000 MW of solar energy and more than 1,000 MW of battery storage. Among these projects, the Libra Solar project stands out with a proposed capacity of 700 MW and a 700 MW battery with a 4-hour duration (2,800 MWh).

These PPAs, built, owned and operated by third parties, will sell their energy output to NV Energy at a fixed cost. Such projects are instrumental in helping NV Energy meet state renewable energy standards while providing fixed-cost energy pricing to customers. Additionally, they play a crucial role in meeting the energy load during peak times. Arevia was advised by Patrick Groomes and Brenda Hanzl, who also advised Arevia in its prior negotiations with NVE on the 690-MW Gemini solar/BESS project.

Strategic Collaborations and Prospects Ahead

By partnering with Arevia Power on the Libra Solar project, NV Energy is taking significant steps towards achieving its renewable energy goals. The collaboration between these two entities exemplifies the power of public-private partnerships in advancing sustainable energy initiatives. As the project progresses, it is expected to set new benchmarks for renewable energy projects in Nevada and beyond.

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