18 May 2017
Vistra Energy (NYSE: VST), the parent company for TXU Energy and Luminant, announced the purchase of the Upton County Solar 2 development project in West Texas. The purchase delivers on the company's strategic plan to further strengthen and expand its integrated businesses through enhanced retail solar offerings and diversity across its generation fleet.
Simultaneous with the acquisition of the project, Upton 2 entered into a turnkey, fixed-price, engineering, procurement, and construction contract to deliver the 180-megawatt solar plant in the summer of 2018. The Upton 2 facility will provide a company-owned asset as a platform for offering significant, long-term, and economically viable renewable options to a variety of customers throughout Texas, including commercial, industrial, and residential customers.
"This purchase is an additional proof point of Vistra Energy's ability to uniquely couple our retail business with our commercial operations in a meaningful and beneficial way," said Curt Morgan, the company's president and chief executive officer. "It also shows our commitment to expand this model while providing significant advantages compared to a standalone retailer or generator."
A Key Retail Platform
- Businesses, school districts, cities, and other large customers have already expressed strong interest in projects such as this that help meet their sustainability goals.
- Consistent with our retail business model, TXU Energy has a strong history of offering market-leading and innovative solar products for businesses and homes, including the recently announced Free Nights & Solar DaysSM plan, the TXU Solar Club plan, the TXU Energy Solar Advantage plan, and TXU Energy Solar for Business.
- The Upton 2 project is a financially attractive option under Vistra's integrated business model, thanks to steady growth in consumer enthusiasm, the geographic characteristics and strong solar irradiance in West Texas, and technological advancements.
An Excellent Addition to Luminant's Fleet
- The company adds solar capacity to its already diverse energy mix, which includes coal, natural gas, and nuclear power, as well as significant purchases of wind-generated electricity.
- Luminant will ultimately operate and be the qualified scheduling entity for the plant, creating additional commercial options for the generator.
- Utility-scale solar project located in Upton County, Texas.
- 180 MW of installed capacity.
- The Upton 2 solar facility is the largest by capacity in Texas.
- Capacity to power approximately 56,700 average residences in ERCOT during normal weather conditions and 27,700 during periods of hot and high-demand conditions.
- Approximately 500 construction jobs.
Vistra Energy | http://www.vistraenergy.com