7X Energy Inc., a Texas-based utility-scale solar developer, has finalized a contract with CoServ Electric and Brazos Electric Power Cooperative Inc. for the sale of solar energy from the Lapetus Energy Project.
The 35 MW solar project, owned and developed by 7X Energy, will be constructed in Andrews County, Texas, and is scheduled to commence operations in 2019.
Solar energy from the Lapetus facility will be sold in SolarBlocks under a multiyear power purchase agreement (PPA). SolarBlocks is a power block purchasing strategy developed by 7X that enables customers to procure contractually guaranteed fixed blocks of energy produced from solar plants. The fixed blocks of solar, which can be forecast down to the 15-minute settlement interval, lock in low energy rates during peak periods when electricity can be most expensive and remove the intermittent variability of delivered energy associated with traditional solar generation, explains 7X. SolarBlocks can be purchased by electric cooperatives, utilities and corporations in competitive retail electricity markets.
“For too long, our industry has been trying to squeeze a square peg into a round hole, and we aim to change that by making renewable energy procurement easier for buyers,” notes Clay Butler, CEO of 7X Energy.
Brazos Electric will be purchasing the energy on behalf of CoServ Electric for the benefit of CoServ’s roughly 220,000 electric meters in north Texas. 7X claims this agreement represents the largest solar energy contract to date with an electric cooperative in Texas.
“We want to provide renewable energy solutions for our members,” says Donnie Clary, president and CEO of CoServ. “This project helps enhance our role as a trusted energy advisor, focused on the future and passing along the resulting economic benefits.”
CoServ and Brazos Electric were supported in the development of the contract by the National Renewables Cooperative Organization, which provides origination and development services for its owner-members and electric cooperative customers.
During peak construction, the Lapetus facility will bring 75 jobs to the county and inject millions in local property tax revenue over its lifetime, notes 7X.