Following Primergy Solar’s purchase of the Hot Pot and Iron Point solar and storage projects from Avangrid Renewables in May, the two parties will work together to complete site development. Primergy will manage construction, procurement and financing. Projects enable clean, renewable energy to replace retiring coal generation.
Portland, Ore. — July 22, 2021 — Avangrid Renewables, LLC, a subsidiary of AVANGRID, Inc. (NYSE: AGR) and Primergy Solar, LLC of Oakland, Calif. today confirmed a sale agreement that will advance a 600-megawatt AC (MWac) (780 MWdc) portfolio of solar generation and energy storage projects currently under development in Humboldt County, Nevada.
The agreement with Primergy significantly advances a portfolio of projects that Avangrid Renewables initiated in 2017 after identifying an opportunity with the anticipated closure of the 522 MW North Valmy Generating Station. Avangrid Renewables leveraged its experience in renewable project development to create a solar + storage solution which would utilize transmission capacity eventually vacated by the North Valmy facility. Primergy’s development expertise combined with large-scale solar + storage project experience in design, procurement, and construction makes it a strong partner to bring these renewable assets to reality.
“Our vision has always been to develop projects with clean, renewable sources of power to fill the gap left by retiring coal generation,” said Alejandro de Hoz, president and CEO of Avangrid Renewables. “What makes this project unique is its location in northern Nevada where there hasn’t been significant solar development activity. These projects will contribute substantially to transitioning the Silver State to a low-carbon energy future.”
”We applaud Avangrid Renewables for the foresight to site substantial renewable generation in the Valmy area, and their capable and thoughtful work in advancing the projects. We look forward to working with Avangrid Renewables and bringing our substantial expertise across all facets of implementing sophisticated solar plus energy storage projects, which will deliver impactful emissions reductions and jobs for Nevadans,” said Primergy CEO, Ty Daul. “NV Energy will be benefiting from these two incredibly efficient and reliable clean energy projects designed to help them meet Nevada’s net zero carbon goals.”
The portfolio includes Hot Pot Solar, a 350-MWac (455 MWdc) solar array paired with a 280-MW, 4-hour battery storage component, and Iron Point Solar, a 250-MWac (325 MWdc) solar array with a 200-MW, 4-hour battery storage component. Under the agreement, Avangrid Renewables will perform development services for the projects, while Primergy will oversee the projects’ detailed design, procurement, financing, construction and ultimately entering into commercial operation.
Hot Pot Solar and Iron Point Solar were included in the Integrated Resource Plan that NV Energy recently filed with the Nevada Public Utilities Commission. That plan, among other matters, details the role these projects will play in helping to replace the North Valmy Generation Station. The projects will demonstrate the important role that solar + storage can play in replacing thermal power plants with clean, renewable energy generation and are expected to become operational in 2023 and 2024.
About Avangrid Renewables:
Avangrid Renewables, LLC is a subsidiary of AVANGRID, Inc. and part of the IBERDROLA Group. It is a leading renewable energy company in the United States, owning and operating a portfolio of renewable energy generation facilities. IBERDROLA, S.A., is an energy pioneer with the largest renewable asset base of any company in the world. Avangrid Renewables is headquartered in Portland, Oregon. For more information, visit www.avangridrenewables.com.
About AVANGRID:
AVANGRID, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $39 billion in assets and operations in 24 U.S. states, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs approximately 7,000 people and has been recognized by Forbes and Just Capital as one of the 2021 JUST 100 companies – a list of America’s best corporate citizens – and was ranked number one within the utility sector for its commitment to the environment and the communities it serves. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2021 for the third consecutive year by the Ethisphere Institute. For more information, visit www.avangrid.com.
About Primergy:
Primergy Solar, LLC (https://www.primergysolar.com) is a developer, owner and operator focused on both distributed and utility scale solar PV and battery storage projects in North America. Primergy Solar features a diverse and talented team with decades of experience in renewables project development, financing, construction and operations. It is currently managing and progressing a significant portfolio of operational and development stage solar+ battery storage projects. Primergy Solar is a portfolio company of Quinbrook Infrastructure Partners and represents Quinbrook’s principal solar and solar plus energy storage investment platform in North America.
