7X
Energy, Inc. (“7X”), one of the fastest growing solar developers in
the U.S., announces the additional procurement of solar energy by Brazos
Electric Power Cooperative, Inc.
(“Brazos Electric”) from the Lapetus
Energy Project (“Lapetus”) bringing the project from 25MW to 67.5 MW.
7X is developing the Lapetus solar project that will deliver firm blocks
(SolarBlocksTM)
to the ERCOT North trading hub. The fixed blocks of solar, which can be
forecasted down to the 15-minute settlement interval for the duration of
the purchase contract, will lock in low energy rates during peak periods
when electricity can be most expensive and remove the intermittent
variability and weather risk of delivered energy associated with
traditional solar PPAs.
Recognizing the value of the firm blocks of power originally procured
earlier this year by Brazos Electric on behalf of its member, CoServ,
seven other Brazos distribution cooperative members asked the generation
and transmission cooperative to purchase additional power from the
Lapetus solar project.
“In our continued effort to make renewable energy procurement easier for
buyers, we’re excited that Brazos Electric and their members recognized
the value of firm blocks,” said Clay Butler, CEO of 7X Energy. “We are
committed to meeting our customers’ needs, and that, combined with a
steadfast reputation for dependable project execution, is what has made
7X into a market leader today.”
Brazos Electric's Executive Vice President and General Manager Clifton
Karnei said, “After taking a poll of our owner-members, seven of our
distribution cooperatives requested Brazos to procure cost-effective
solar power to supply to their retail members. Brazos Electric again
appreciated the opportunity to work with 7X Energy in negotiating the
solar PPA on behalf of our seven members to purchase solar power for our
owner-members.”
As in the initial firm solar power deal, Brazos Electric was supported
in the origination and negotiation of the solar energy contract by the
National Renewables Cooperative Organization (“NRCO”). NRCO provides
full origination and development services for its owner-members and
electric cooperative customers, with more than 1,600 megawatts of wind
and solar projects completed to date, including 50 cooperative-run
community solar farms.
The project owned and in development by 7X Energy, will be constructed
in Andrews County, Texas, and is scheduled to commence construction in
the next six months. The Brazos purchase agreement represents the
largest solar energy contract to date with an electric cooperative in
Texas. During peak construction, the solar facility will bring
approximately 150 jobs to the county and inject millions in local
property tax revenue over the life of the project.
About 7X Energy
7X Energy (7X), headquartered in Austin, Texas, has quickly grown into
one of the more successful solar PV developers in the United States.
7X’s development, technical, and software expertise accelerates the
project site selection and evaluation process, while lowering energy
costs and minimizing risk for its customers and investors.
Recently announced, 7X jointly developed the largest solar project in
Texas, the 315 MW Phoebe
Energy Project, whose power was purchased by Shell Energy NA. The
company is 100% employee-owned and consists of a diverse team of
seasoned industry veterans focused on the development and sale of
renewable energy to commercial and wholesale customers. Contact us at www.7x.energy.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181203005177/en/
Copyright Business Wire 2018
Source: Business Wire
(December 3, 2018 - 9:00 AM EST)
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