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 (SolarBlocks) 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.
7X Energy | http://www.7x.energy