Energy Transfer Signs Power Purchase Agreement With SB Energy for 120 Megawatts of Electricity From Eiffel Solar Project

Rhea-AI Summary

Energy Transfer (NYSE: ET) has signed a 15-year Power Purchase Agreement (PPA) with SB Energy for 120 megawatts from the Eiffel Solar project in Texas. This agreement supports Energy Transfer's commitment to renewable energy and complements its first agreement with the Maplewood 2 solar farm. SB Energy plans to commence construction on the Eiffel Solar project in 2022, with energy delivery starting in January 2024. The initiative aligns with the growing demand for clean energy solutions in Texas.

Positive

• 15-year Power Purchase Agreement signed with SB Energy for 120 megawatts from Eiffel Solar project.
• Second significant agreement to purchase low-cost solar power supporting ERCOT load requirements.
• Construction of the Eiffel Solar project is set to start in 2022, enhancing Energy Transfer's renewable energy portfolio.

Negative

• Potential risks associated with the unknown factors impacting future results as per forward-looking statements.

Energy Transfer’s Second Renewable Energy Power Purchase Agreement

DALLAS--(BUSINESS WIRE)-- Energy Transfer (NYSE: ET) announced today it signed a 15-year Power Purchase Agreement (PPA) with San Francisco-based SB Energy for 120 megawatts of electricity from its Eiffel Solar project in northeast Texas. Energy Transfer is a Fortune 100 midstream energy company based in Dallas.

“We are pleased to announce this PPA with SB Energy,” said Tom Mason, head of Energy Transfer’s Alternative Energy Group. “It is our second significant agreement to purchase low-cost solar power to help us meet our ERCOT load requirements for our operations throughout Texas. The first was the Maplewood 2 solar farm in the Permian Basin that came online earlier this year.”

“SB Energy is focused on accelerating the global energy transition with the real work starting on the ground with innovative projects like Eiffel Solar and exceptional partners like Energy Transfer. The Eiffel resource is a key project to serving rapidly increasing demand for reliable, clean energy,” said Rich Hossfeld, co-CEO of SB Energy.

SB Energy, a wholly owned subsidiary of SoftBank Group Corp., is scheduled to begin construction of the 200-megawatt Eiffel Solar project located in Lamar County the first half of 2022. The project will start to deliver energy to Energy Transfer in January of 2024.

Energy Transfer LP (NYSE: ET) owns and operates one of the largest and most diversified portfolios of energy assets in the United States, with a strategic footprint in all of the major domestic production basins. ET is a publicly traded limited partnership with core operations that include complementary natural gas midstream, intrastate and interstate transportation and storage assets; crude oil, natural gas liquids (NGL) and refined product transportation and terminalling assets; NGL fractionation; and various acquisition and marketing assets. ET also owns Lake Charles LNG Company, as well as the general partner interests, the incentive distribution rights and 28.5 million common units of Sunoco LP (NYSE: SUN), and the general partner interests and 46.1 million common units of USA Compression Partners, LP (NYSE: USAC). For more information, visit the Energy Transfer website at energytransfer.com.

SB Energy, a wholly owned subsidiary of SoftBank Group Corp., is a leading utility-scale solar, energy storage, and technology platform. We develop, construct, and own and operate some of the largest and most technically advanced renewable projects across the United States. SB Energy’s mission is to provide flexible renewable energy at scale, accelerating the global energy transition, and benefiting our planet, customers, communities, and people. For more information, visit SBEnergy.com.

Forward Looking Statements

This press release may include certain statements concerning expectations for the future that are forward-looking statements as defined by federal law. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management’s control. An extensive list of factors that can affect future results are discussed in the Partnership’s Annual Report on Form 10-K and other documents filed from time to time with the Securities and Exchange Commission. In addition to the risks and uncertainties previously disclosed, the Partnership has also been, or may in the future be, impacted by new or heightened risks related to the COVID-19 pandemic, and we cannot predict the length and ultimate impact of those risks. The Partnership undertakes no obligation to update or revise any forward-looking statement to reflect new information or events.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210901005221/en/

Energy Transfer Media Relations

214.840.5820

Vicki Granado, Alexis Daniel

Media@energytransfer.com

Energy Transfer Investor Relations

214.981.0795

Bill Baerg, Brent Ratliff, Lyndsay Hannah

investorrelations@energytransfer.com

SB Energy Media Relations

626.607.1220

press@sbenergy.com

Source: Energy Transfer LP

FAQ

What is the Power Purchase Agreement signed by Energy Transfer (ET) with SB Energy about?

Energy Transfer signed a 15-year Power Purchase Agreement to buy 120 megawatts of solar energy from SB Energy's Eiffel Solar project.

When will the Eiffel Solar project start delivering energy to Energy Transfer?

The Eiffel Solar project is expected to begin energy delivery to Energy Transfer in January 2024.

What is the significance of the PPA for Energy Transfer in the context of renewable energy?

The PPA signifies Energy Transfer's commitment to renewable energy, helping them meet ERCOT load requirements.

What risks are associated with Energy Transfer's recent renewable energy agreements?

The press release mentions forward-looking statements that are subject to various risks and uncertainties, including impacts from the COVID-19 pandemic.