NV Energy enters power purchase agreement on $2.3 billion 700 MW solar project


Utility-scale solar developer Arevia Power it has signed a power purchase agreement (PPA) with Nevada utility NV Energy for one of the largest solar and energy storage projects in the state.

Under the PPA, the utility will purchase power generated by the 700 MW Libra solar project, 20 miles south of the Fort Churchill substation in Yerington, Nevada.

The project will include 700 MW of solar and a 700 MW / 2800 MWh battery energy storage system. The battery storage system is designed provide reliable power year-round, particularly for rural Nevada. Once complete, the project will span 5,141 acres, with most of the generation ties to the grid located in Lyon County.

The project is planned to reach commercial operations in 2027 and will employ 1,100 people during development and construction, providing $250 million in direct wages.

The International Brotherhood of Electrical Workers (IBEW) will provide labor for the project and is also serving as an investor through GCM Grosvenor’s Infrastructure Advantage Strategy. 

“With the Libra project we are taking another step toward a sustainable future that also delivers the type of high-paying middle-class jobs the people of Nevada deserve,” said IBEW president Kenneth Cooper.

Over its lifecycle, the project is expected to generate $170 million in personal property and sales taxes.

The project is set to be approved through the Integrated Resource Plan (IRP) submitted by NV Energy. Key components of the IRP include three solar and battery power purchase agreements (PPAs), totaling over 1,000 MW of solar energy and more than 1,000 MW of battery storage.

The PPAs under the IRP will be built, owned, and operated by third parties, which sell their projects’ output to NV Energy. The projects are expected to help the utility meet state renewable energy standards while creating fixed-cost energy pricing for customers.

Arevia was advised by Patrick Groomes and Brenda Hanzl, who also advised Arevia in its prior negotiations with NV Energy on the 690 MW Gemini solar and energy storage project.

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