7X Energy Sells Remaining Power from 100MWac Lapetus Energy Project
Through Brazos Electric Power Cooperative, Inc. (“Brazos”) its generation and transmission provider, CoServ has procured 26.5 MW from the Lapetus Energy Project (“Lapetus”) in West Texas, bringing CoServ’s stake to 51.5 MW of the total 100 MWac project. Earlier this year, CoServ finalized a contract with 7X for the purchase of 25 MW of power through Brazos from the solar facility to be built in Andrews County.
7X developed and financed the Lapetus solar project that will deliver firm blocks (SolarBlocksTM) to the ERCOT North trading hub. This innovative power product offers utilities and companies more flexibility and shorter contract terms than a traditional Power Purchase Agreement (PPA), thus minimizing energy costs and mitigating risks.
The competitively priced fixed blocks prompted CoServ to double its original power purchase, which will benefit the co-op’s more than 235,000 electric meters in the Dallas-Fort Worth area. In addition, Brazos recently purchased 42.5 MW on behalf of seven of its other distribution cooperative members.
“CoServ’s commitment to double their purchase through Brazos of the Lapetus project’s electrical output will bring investment and jobs to the state and local community while meeting their mission to ‘provide safe and reliable energy solutions to their members and customers’,” said Clay Butler, CEO of 7X Energy.
“This agreement reinforces CoServ’s commitment to providing cost-effective renewable energy options for our Members,” said CoServ President/CEO Donnie Clary.
CoServ and Brazos were supported in the development of the solar energy contracts by the National Renewables Cooperative Organization.
The project, owned, developed, and financed by 7X Energy, will be constructed in Andrews County, Texas, about an hour away from Midland, and is scheduled to commence construction in late Q1 2019. During peak construction, the solar facility is expected to bring approximately 150 jobs to the county and inject $20 million in local property tax revenue over the life of the facility.