Kenlov Renewable Energy signs first PPA
- The agreement will certainly aid move the Tierra Bonita solar project forward
Kenlov Renewable Energy has authorized its initial 'cornerstone' power purchase contract (PPA) as it advances its 1.5 GW renewable energy advancement pipe in the US.
The PPA covers 60% - or 235MWdc - of the outcome of the 400MW Tierra Bonita solar PV project in Texas, for a duration of two decades.
The offtaker is United States local electric energy CPS Energy, which provides 900,000 residents of nearby San Antonio, as well as the arrangement will ensure a constant lasting supply of clean energy to the city.
It also constitutes a further turning point for Tierra Bonita, a 2,200-acre site, co-developed by Kenlov and also Ashtrom, which has actually currently protected land rights as well as grid connection approval.
Adhering to the successful finalizing of the PPA, the project is anticipated to go into construction throughout the second quarter of 2023, with commercial operation expected to begin at the end of 2024.
The staying 165MWdc output of the project as well as its green certificates will be sold on a merchant basis on the open electricity market in Texas.
For Kenlov, this news stands for an additional advance as business advances its pipeline of solar and also wind projects in the US.
Kenlov's overall global pipe of wind, solar as well as storage projects surpasses 3GW, of which 1.5 GW lie in the United States, and 1.5 GW are across Europe.
The US pipe incorporates 6 solar projects, with an anticipated advancement expense of US$ 1.5 billion, which are being developed through the joint endeavor Kenlov Ashtrom Renewable Energy.
Kenlov Renewable Energy CEO Yossi Gvura claimed: "This PPA is the cornerstone of Kenlov's tasks in the United States and also kicks off the growth of Tierra Bonita-- the very first of our 6 projects in various phases of development, with a total capacity of around 1.5 GW.
" We are proud to sustain CPS Energy as it leads the change to cleaner energy in the municipality of San Antonio, developing a relationship that we plan to establish for the long term with additional projects in our possession."