CORINTH, Texas—December 10, 2018—CoServ Electric has nearly doubled its stake in the Lapetus Solar Energy Project in West Texas, which will mean more solar power for CoServ Members.
CoServ has procured an additional 26.5 megawatts of solar power, bringing its stake to 51.5 MW out of the total 100 MW project. Earlier this year, CoServ finalized a contract with 7X Energy for the purchase of 25 MW of power from the solar facility that will be built in Andrews County in West Texas.
7X Energy developed and financed the Lapetus project that will sell firm blocks, called SolarBlocks, to the Electric Reliability Council of Texas (ERCOT) North trading hub beginning in late 2019. This innovative power product offers utilities and companies more flexibility and shorter contract terms than a traditional Power Purchase Agreement (PPA), thus minimizing energy costs and mitigating risks.
The competitively priced fixed blocks prompted CoServ to double its original power purchase, which will benefit the co-op’s more than 200,000 Members in North Texas. In addition, Brazos recently purchased 42.5 MW on behalf of seven other distribution cooperative members.
"This agreement reinforces CoServ's commitment to providing cost-effective renewable energy options for our Members," said CoServ President/CEO Donnie Clary.
CoServ and Brazos were supported in the development of the solar energy contracts by the National Renewables Cooperative Organization NRCO).
The project, owned and developed by 7X Energy, will be constructed in Andrews County, Texas, about an hour away from Midland, and is scheduled to commence construction in the next six months. During peak construction, the solar facility is expected to bring approximately 150 jobs to the county and inject millions in local property tax revenue over the life of the facility.
“We’re excited that CoServ recognized the value of firm blocks from the first PPA,” said Clay Butler, CEO of 7X Energy. “CoServ’s commitment to double their purchase of the Lapetus project’s electrical output will bring investment and jobs to the state and local community while meeting their mission to ‘provide safe and reliable energy solutions to their members and customers.'"
Established in 1937 as Denton County Electric Cooperative Inc., CoServ Electric is based in Corinth, Texas, and supplies electricity to more than 235,000 meters in Denton, Collin and four other North Texas counties.