Clēnera and Hoosier Energy Announce Power Purchase Agreement

Rhea-AI Summary

Hoosier Energy and Clēnera have signed a 20-year Power Purchase Agreement (PPA) for the Rustic Hills Solar project in Indiana, marking Hoosier's first PPA with Clēnera. The solar facility is expected to produce 120 MW_DC, powering over 17,000 homes and creating 300 construction jobs. Hoosier Energy is transitioning to renewable sources, with plans to retire its coal-powered plant by May 2023, saving over $700 million over a decade. The project aims to be operational by late 2023, aligning with national goals for increased solar energy usage.

Positive

• Hoosier Energy's first PPA with Clēnera promotes renewable energy transition.
• Rustic Hills Solar expected to generate enough power for over 17,000 homes.
• Creation of approximately 300 construction jobs during a 10-month timeline.
• Retirement of coal-powered generating station by May 2023 will save over $700 million.

Negative

• None.

BOISE, Idaho, Sept. 9, 2021 /PRNewswire/ -- Hoosier Energy and Clēnera are pleased to announce a Power Purchase Agreement (PPA) between Hoosier Energy and Clēnera's affiliate, Rustic Hills Solar LLC. The Rustic Hills Solar PPA has a 20-year contract term and is Hoosier Energy's first PPA with Clēnera, a developer of large-scale solar and storage projects, and a subsidiary of Enlight Renewable Energy LTD (TASE: ENLT).

Hoosier Energy, a not-for-profit generation and transmission cooperative, provides electric power and services to 18 not-for-profit electric distribution cooperative owners throughout central and southern Indiana and southeastern Illinois. The 18 cooperative members serve more than 760,000 consumers.

"This collaboration continues our transition of Hoosier Energy's resource portfolio to a much higher percentage of renewable sources," said President and CEO Donna Walker. "The solar energy developed at Rustic Hills will serve thousands of Hoosiers while continuing to reduce our carbon footprint, benefiting the environment, Hoosier Energy members and all of their member-consumers."

In 2020, Hoosier Energy announced it plans to retire its only remaining coal-powered generating station by May 2023. The decision will save its member co-ops more than $700 million over the next decade while also shifting Hoosier Energy's portfolio toward renewable energy generation.

Rustic Hills Solar will occupy approximately 640 acres of private land in Warrick County, Indiana, with construction expected to begin upon receipt of necessary authorization and permits. It is estimated that the project will be commercially operational by the end of 2023. During the proposed 10-month construction timeline, approximately 300 construction jobs will be created.

The Rustic Hills Solar facility is anticipated to deliver 120 MW_DC of reliable, affordable, and clean energy to Hoosier Energy's members, generating enough power to meet the needs of more than 17,000 homes.

"We thank Hoosier Energy for partnering with Clēnera to procure clean energy from Rustic Hills Solar," said Jared McKee, Vice President of Business Development at Clēnera. "We look forward to the successful completion of this solar project and promoting sustainable environmental and economic stewardship with our partner Hoosier Energy in the state of Indiana."

This announcement comes on the heels of the U.S. Energy Department's proposed plan for solar energy to provide 45 percent of the United States' electricity by 2050.

About Clēnera
Clenera, LLC ("Clēnera"), a subsidiary of Enlight Renewable Energy, LTD (TLV: ENLT), acquires, develops, builds and manages 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. Clēnera has developed and constructed over 1.6 GW_DC of solar projects and provides long-term management of those projects on behalf of third-party owners. The company is actively developing 50 large-scale solar projects in various stages of development with a capacity of 12 GW_DC, including 5.5 GWh of energy storage projects. Learn more at www.clenera.com.

About Enlight Renewable Energy
Traded on the Tel Aviv stock exchange (TASE: ENLT), Enlight is a leading renewable energy company which focuses on initiation, development, financing, construction, and operation of renewable energy generation projects. The company operates in Israel, Europe and the United States, with a diversified portfolio of operating projects and projects under construction and pre-construction, with a total generation capacity of 2.2 GW_DC and total energy storage capacity of 0.5 GWh. In addition, the company owns an additional 14.8 GW_DC of generation capacity and 6.9 GWh of energy storage in various stages of development. For more information, visit https://enlightenergy.co.il.

About Hoosier Energy
Founded in 1949, Hoosier Energy is a generation and transmission cooperative (G&T) with headquarters in Bloomington, Indiana. The G&T provides electric power and services to 18 member distribution cooperatives in central and southern Indiana and southeastern Illinois. We are a community-focused organization that works to efficiently deliver affordable, reliable and safe energy. Collectively, our 18 members serve more than 760,000 consumers. Hoosier Energy is an equal opportunity provider and employer. For more information, visit www.hoosierenergy.com.

Forward Looking Statements
The information detailed in this press release is in connection with anticipated project construction and completion, construction timelines, commercial operation dates, energy output, and possible development of future projects as detailed above is "forward-looking" as defined in Section 32A of the Israel Securities Law, 5728-1968, and is only an assessment based on the information, estimates, forecasts and data available to Clēnera's management at the time of the press release, and current management assessments. This information is conditional and subject to the existence of various factors, including the data of the project under development and the general risk factors that characterize the Company's activities. Accordingly, the aforementioned information may not come to realization or actual results may differ from the information described above.

Contact:
Orli Kasuto
PR Manager for Enlight, Scherf Communications, Israel
Orli@scherfcom.com

View original content:https://www.prnewswire.com/news-releases/clnera-and-hoosier-energy-announce-power-purchase-agreement-301372767.html

SOURCE Enlight Renewable Energy

FAQ

What is the Power Purchase Agreement between Clēnera and Hoosier Energy?

The Power Purchase Agreement is a 20-year contract for the Rustic Hills Solar project in Indiana, involving Clēnera and Hoosier Energy.

How much energy will Rustic Hills Solar generate?

Rustic Hills Solar is anticipated to deliver 120 MW_DC of energy, serving more than 17,000 homes.

What are the financial benefits of retiring Hoosier Energy's coal plant?

Retiring the coal plant by May 2023 is expected to save Hoosier Energy's member cooperatives over $700 million in the next decade.

When is the Rustic Hills Solar project expected to be operational?

The Rustic Hills Solar project is projected to be commercially operational by the end of 2023.

How does the agreement align with U.S. renewable energy goals?

The partnership supports national goals for solar energy to provide 45% of U.S. electricity by 2050.