Commercial Operation Commences at National Grid Renewables' Noble Solar & Storage Project

Rhea-AI Summary

National Grid Renewables has commenced commercial operations at its Noble Solar and Storage Project in Denton County, Texas. This 275 MW solar and 125 MWh energy storage facility is a significant stride for the company, marking its first utility-scale energy storage project. The Noble project is expected to prevent 450,000 metric tons of CO2 emissions annually and generate $26 million in tax revenue over the first 20 years. Power Purchase Agreements (PPAs) have been secured with The Home Depot, NRG Energy, and The Hershey Company.

Positive

• Commencement of commercial operations for the Noble project, enhancing the company's portfolio.
• Projected to avoid 450,000 metric tons of CO2 emissions annually.
• Estimated to generate $26 million in tax revenue over 20 years.
• Secured PPAs with major corporations, enhancing revenue stability.

Negative

• None.

275 MW solar, 125 MWh storage ERCOT project located in Denton County, Texas

MINNEAPOLIS, Nov. 29, 2022 /PRNewswire/ -- National Grid Renewables announced today the start of commercial operation at its Noble Solar and Storage Project (Noble) in Denton County, Texas. Noble is a 275 megawatt (MW) solar and 125 megawatt-hour (MWh) energy storage project located in the Electric Reliability Council of Texas (ERCOT) market that began construction last year.

"With the start of operation at our Noble project, National Grid Renewables brings online our first utility-scale energy storage project, as well as our largest solar energy project to-date," stated Blake Nixon, President, National Grid Renewables. "Clean energy projects like Noble are tangible examples of how National Grid Renewables' commitment to doing the right thing benefits local and global communities both economically and environmentally."

Noble is projected to avoid 450,000 metric tons of carbon dioxide emissions annually during operation and is estimated to produce $26 million in new tax revenue throughout the first 20 years of operation. During peak construction, Noble utilized 600 construction workers and now employs the equivalent of six full-time operations and maintenance workers. A community event celebrating the project's estimated economic and environmental impacts was hosted last year with project customers and partners.

The Home Depot and NRG Energy, Inc. have each executed individual 100 MW solar Power Purchase Agreements (PPA), and The Hershey Company has contracted for a 50 MW solar PPA for Noble.

"The Home Depot is proud of our efforts to reduce our carbon emissions," said Ron Jarvis, Chief Sustainability Officer for The Home Depot. "This partnership will further our renewable energy capacity, as we work towards our pledge of producing or procuring 100 percent renewable electricity equivalent to the electricity needs for all Home Depot facilities by 2030."

"Power plays a significant role in decarbonizing our economy, and we are proud to stand together with other corporate leaders as we bring new renewable developments online," said Robert Gaudette, Executive Vice President of NRG Business. "We look forward to bringing more energy solutions to our customers and our communities as we all embark down a more sustainable and resilient path."

"Noble and similar solar projects make a meaningful impact toward achieving our ambitious science-based targets," said Leigh Horner, Vice President of Global Sustainability and Corporate Communications at The Hershey Company. "Through continued investment in solar energy and other initiatives, we're on track to reduce Scope 1 and Scope 2 emissions by more than 50 percent and Scope 3 by 25 percent by 2030."

Noble utilizes next-generation Series 6 thin film solar modules developed and produced by First Solar, Inc. (Nasdaq: FSLR). Recently, First Solar and National Grid Renewables announced a 2 gigawatt (GW) supply of solar modules scheduled for delivery 2024-2025.

Adam Smith, First Solar's Vice President of Global Business Development, said, "As America's solar company, we're proud that our technology will power this project, which, in turn, will power businesses and communities in Texas. This is yet another milestone in our journey with National Grid Renewables, and we thank them for their continued trust in our technology." 

Noble also utilizes Fluence Energy's (Nasdaq: FLNC) sixth-generation Gridstack™ product for energy storage and was constructed by Signal Energy.

"We are honored to be a part of National Grid Renewables' first utility-scale solar plus energy storage project to help deliver clean and reliable energy in the ERCOT market," said John Zahurancik, SVP & President of Americas at Fluence. "This project is a great example of how solar plus storage deployments deliver impactful environmental benefits and reliable energy. We are proud to stand alongside leaders like National Grid Renewables, working shoulder to shoulder with energy users and suppliers to support the clean energy transition."

"The Noble project is a great example of what can be accomplished with the right partners that share the same vision," stated Ryan Johnson, President of Signal Energy. "Signal is truly humbled to be a part of this monumental project that helps create a sustainable energy future."

About National Grid Renewables

National Grid Renewables develops and operates large-scale renewable energy assets across the United States, including solar, wind, and energy storage. As a farmer-friendly and community-focused business, National Grid Renewables repowers America's electricity grid by reigniting local economies and reinvesting in a sustainable, clean energy future. National Grid Renewables supports National Grid's vision of being at the heart of a clean, fair, and affordable energy future for all. To learn more about National Grid Renewables, visit www.nationalgridrenewables.com or follow the company on Twitter or LinkedIn.

Contact:	National Grid Renewables
	press@nationalgridrenewables.com
	Media Relations: 612.429.7050

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SOURCE National Grid Renewables

FAQ

What is the significance of the Noble Solar and Storage Project's commercial operation?

The project signifies National Grid Renewables' first utility-scale energy storage initiative and enhances its solar energy capabilities.

How much CO2 emissions will the Noble project help avoid?

The project is projected to prevent 450,000 metric tons of CO2 emissions annually.

What are the expected financial benefits of the Noble project?

It is estimated to generate $26 million in new tax revenue over the first 20 years of operation.

Who are the partners in the Noble project's Power Purchase Agreements?

Partners include The Home Depot, NRG Energy, and The Hershey Company.

What is National Grid Renewables' role in the Texas energy market?

National Grid Renewables develops large-scale renewable energy assets, including the newly operational Noble project.