174 Power Global Signs 15-Year PPA for 200-Megawatt Solar Facility With Black Hills Energy

Rhea-AI Summary

174 Power Global has signed a 15-year Power Purchase Agreement (PPA) with Black Hills Energy to develop the Turkey Creek Solar project in Pueblo County, Colorado. The 200 MW facility will provide electricity for around 46,000 homes, contributing to Black Hills' Renewable Advantage plan, which is projected to generate nearly $178 million in tax benefits. The project, costing over $200 million, will create approximately 250 construction jobs, with potential for 450 workers during peak phases. Construction is slated to start in 2022 and the project is expected to be operational by 2023.

Positive

• Partnership with Black Hills Energy enhances renewable energy portfolio.
• Projected $178 million in tax benefits for the community.
• Creation of approximately 250 construction jobs, rising to 450 at peak phases.

Negative

• None.

174 Power Global, a leading solar energy company, today announced that it has entered into a 15-year Power Purchase Agreement (“PPA”) with Black Hills Energy to develop a 200-megawatt (MW) solar power production facility, Turkey Creek Solar in Pueblo County, Colorado.

The new, utility-scale solar facility, is expected to generate enough electricity to power an estimated 46,000 Colorado homes with clean, renewable energy. Once operational, the facility will contribute to Black Hills Energy’s Renewable Advantage plan, a clean-energy growth strategy which is forecasted to deliver nearly $178 million through state, local and federal taxes, benefiting the community. The project has an estimated construction cost of over $200 million and will create approximately 250 good-paying construction jobs, with the potential for up to 450 workers during certain phases of construction.

“We are glad to partner with Black Hills Energy on the Turkey Creek Solar project, which will provide long-lasting environmental and economic benefits to the Pueblo community, as well as dependable solar power,” said 174 Power Global President Henry Yun. “We look forward to bringing Black Hills customers sustainable, cost-competitive, clean energy and working with the Pueblo and Fremont county communities.”

“We are very pleased by the broad community support that is driving our Renewable Advantage plan forward,” said Vance Crocker, Black Hills Energy’s vice president for Colorado utilities. “With a project of this magnitude – the first and largest utility-scale solar project for Black Hills Energy – we will assure significant cost savings for our customers, while achieving long-lasting environmental benefits and economic vitality for our local and regional economies for years to come.”

Construction of the facility is expected to commence in 2022, with the project coming online in 2023. Under the terms of the agreement, Black Hills Energy will purchase all power generated by the project. 174 Power Global will lead project development and construction, the engagement and permitting process with local agencies, including Pueblo and Fremont Counties, and will own and operate the facility.

About 174 Power Global
174 Power Global is a leading solar and energy storage project developer focused on North America’s utility and C&I energy markets. The company is wholly owned by the Hanwha Group, and has offices in Houston, Texas; Irvine, California; and New York City, New York. With deep expertise across the full spectrum of the project development cycle, 174 Power Global works closely with utilities, landowners, local communities, financial investors, and other partners to build highly productive, utility scale and C&I solar power plants throughout North America. Since its formation in 2017, 174 Power Global has signed over 3 GW of power purchase agreements with more than 8 GW of additional solar projects and 10GWh of battery energy storage projects in the development pipeline. 174 Power Global also is affiliated with Chariot Energy, a retail energy provider that provides 100% clean, renewable solar energy to the Texas market. Chariot Energy is transforming the energy supply for Texas while modernizing and simplifying the way solar energy is sold and delivered. 174 Power Global’s name was inspired by the 174 petawatts of power the earth receives from the sun at any moment.

For more information, visit: http://174powerglobal.com/

About Black Hills Corporation
Black Hills Corp. (NYSE:BKH) is a customer focused, growth-oriented utility company with a tradition of improving life with energy and a vision to be the energy partner of choice. Based in Rapid City, South Dakota, the company serves 1.3 million natural gas and electric utility customers in eight states: Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota and Wyoming. More information is available at www.blackhillscorp.com and www.blackhillsenergy.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210407005364/en/

FAQ

What is the Turkey Creek Solar project?

The Turkey Creek Solar project is a 200 MW solar power facility being developed by 174 Power Global in Pueblo County, Colorado.

When is the Turkey Creek Solar project expected to start construction?

Construction of the Turkey Creek Solar project is expected to commence in 2022.

How much electricity will the Turkey Creek Solar project generate?

The Turkey Creek Solar project is expected to generate enough electricity to power approximately 46,000 homes.

What are the projected economic benefits of the Turkey Creek Solar project?

The project is forecasted to deliver nearly $178 million in tax benefits to the local community while creating jobs during construction.

What is Black Hills Energy's role in the Turkey Creek Solar project?

Black Hills Energy will purchase all power generated by the Turkey Creek Solar project as part of their Renewable Advantage plan.