Salt River Project (SRP) and Clēnera, an Enlight Company
(“Enlight”, NASDAQ: ENLT, TASE: ENLT.TA), today announced a power
purchase agreement for an additional 394 megawatts (MW) (AC) – or
475 MW (DC) – of clean energy at CO Bar Solar outside of Flagstaff,
Arizona. This is the second agreement executed between Clēnera and
SRP at the CO Bar complex, and with both agreements, SRP has now
procured nearly 800 MW (AC) – 1,000 MW (DC), or 1 gigawatt (GW) –
of power from the project. Once operational in 2025, Clēnera
estimates CO Bar Solar will offset more than 4 billion pounds of
carbon dioxide emissions each year.
“This is not only the largest solar plant in Arizona and one of
the largest in the United States, but it will also be the most
significant solar resource in SRP’s energy portfolio,” said Jim
Pratt, CEO of SRP. “SRP will be quadrupling the amount of
utility-scale solar on our power system in just the next two years,
with CO Bar Solar as a key part of this. Nearly half of all energy
delivered to SRP customers will come from carbon-free resources by
the end of 2025.”
CO Bar Solar is a 1.2 GW landmark solar and storage complex
being developed by Clēnera, a subsidiary of Enlight Renewable
Energy. The project, which is expected to be one of the largest in
the United States, will occupy up to 2,400 acres on Babbitt Ranches
private land in Coconino County. Construction on CO Bar Solar is
set to begin in the fourth quarter of 2023 and is expected to reach
commercial operation in phases throughout 2025.
“We are thrilled to be partnering with SRP again on CO Bar Solar
and providing them with reliable, clean energy,” said Gilad Yavetz,
CEO of Enlight. “CO Bar represents a strategic project in Arizona,
serving as a prime example of our approach to greenfield
development that capitalizes on sizable interconnection
positions.”
Jason Ellsworth, CEO at Clēnera, added: “We are excited to
deliver increased access to affordable, clean renewable energy in
Arizona. We look forward to a fruitful long-term relationship with
SRP, as we continue to develop additional renewable energy projects
in the state.”
Over the course of the CO Bar Solar construction timeline,
approximately 550 construction jobs will be created, with many
being local. Once complete, SRP will receive enough power from this
resource to meet the needs of approximately 180,000 average-size
homes.
“In our efforts to support the delivery of renewable energy, we
acknowledge the terrific and wonderful participation of so many
businesses and government entities involved in the process to make
this happen,” said Babbitt Ranches President and General Manager
Billy Cordasco. “We appreciate the valuable input from the Arizona
Game and Fish Department, Arizona Department of Transportation,
Arizona State Land Department, Coconino County and everyone
involved in the Western CO Bar Legacy Conservation Community for
the benefit of future generations.”
SRP has taken significant steps towards decarbonizing its power
system while maintaining reliability and affordability. By the end
of 2025, SRP expects to have more than 3,000 MW of renewables
online. In addition to its renewable resource commitments, SRP has
among the largest battery storage investments in the Western U.S.,
with over 1,100 MW of battery storage projects that will be online
by the end of 2024. With all its recent strategic resource
additions and decisions, SRP is proving it will achieve its
sustainability goals and expects more than 75% of SRP’s energy will
come from carbon-free resources by the end of 2035.
About SRPSRP is a community-based,
not-for-profit public power utility and the largest electricity
provider in the greater Phoenix metropolitan area, serving
approximately 1.1 million customers. SRP provides water to about
half of the Valley’s residents, delivering more than 244 billion
gallons of water (750,000 acre-feet) each year, and manages a
13,000-square-mile watershed that includes an extensive system of
reservoirs, wells, canals and irrigation laterals.
About Enlight Renewable EnergyFounded in 2008,
Enlight develops, finances, constructs, owns, and operates
utility-scale renewable energy projects. Enlight operates across
the three largest renewable segments today: solar, wind and energy
storage. A global platform, Enlight operates in the United States,
Israel and 9 European countries. Enlight has been traded on the Tel
Aviv Stock Exchange since 2010 (TASE: ENLT) and completed its US
IPO (NASDAQ: ENLT) in 2023. Learn more at enlightenergy.co.il.
About ClēneraClenera, LLC ("Clēnera"), a
subsidiary of Enlight Renewable Energy, develops, finances,
constructs, owns, and operates utility-scale solar farms and energy
storage facilities throughout the United States. Combining
breakthrough technology with a deeply integrated team approach,
Clēnera provides reliable, affordable energy systems and helps its
utility partners become clean energy leaders in their communities.
Learn more at clenera.com.
Forward-Looking StatementsInformation provided
in this press release may contain statements relating to current
expectations, estimates, forecasts, and projections about future
events that are "forward-looking statements" as defined in the
Private Securities Litigation Reform Act of 1995. All statements,
other than statements of historical facts, included in this press
release that address activities, events or developments that we
expect or anticipate will or may occur in the future, including
such matters as our projections of annual revenues, expenses and
debt service coverage with respect to our debt securities, future
capital expenditures, business strategy, competitive strengths,
goals, development or operation of generation assets, market and
industry developments and the growth of our business and
operations, are forward-looking statements. When used in this press
release, the words “may”, “will”, “could”, “should”, “expects”,
“plans”, “anticipates”, “believes”, “estimates”, “predicts”,
“projects”, “potential”, or “contemplate” or the negative of these
terms or other comparable terminology are intended to identify
forward-looking statements, although not all forward-looking
statements contain such words or expressions. These forward-looking
statements generally relate to Enlight's plans, objectives and
expectations for future operations and are based upon its
management's current estimates and projections of future results or
trends. Although we believe that our plans and objectives reflected
in or suggested by these forward-looking statements are reasonable,
we may not achieve these plans or objectives. Actual future results
may differ materially from those projected as a result of certain
risks and uncertainties and other risks described under "Risk
Factors" as described in Enlight’s annual report on Form 20-F filed
with the Securities and Exchange Commission (“SEC”) on March 30,
2023, and in Enlight’s subsequent quarterly reports on Form 6-K and
annual reports on Form 10-K that are filed from time to time with
the SEC and TASE. These forward-looking statements are made only as
of the date hereof, and, except as legally required, we undertake
no obligation to update or revise the forward-looking statements,
whether as a result of new information, future events or
otherwise.
Media ContactsErica RoelfsMedia Relations
Representative, SRPErica.Roelfs@srpnet.com(602) 236-2576
Rachel KahnThe Blueshirt Group for Enlight
media@blueshirtgroup.com
Enlight Renewable Energy (NASDAQ:ENLT)
Historical Stock Chart
Von Aug 2024 bis Sep 2024
Enlight Renewable Energy (NASDAQ:ENLT)
Historical Stock Chart
Von Sep 2023 bis Sep 2024