Today, Arevia Power announced the signing of a power purchase agreement with NV Energy for the largest solar and battery storage project in Nevada. This groundbreaking project, worth more than $2.3 billion, represents the largest investment in renewable energy in the state’s history. The Libra Solar project is expected to be commissioned in late 2027 and will be located approximately 20 miles south of the Fort Churchill substation in Yerington, near the Mineral County-Lyon County border.
“Arevia’s Libra project will have a tremendous impact on the future of clean energy in Nevada,” said Kenneth Cooper, president of IBEW International, which is providing labor for the project and serving as an investor through GCM Grosvenor’s Infrastructure Advantage Strategy. “The International Brotherhood of Electrical Workers remains on the front lines fighting for the transformative changes that projects like this have made a reality, including renewable energy tax credits championed by the Biden-Harris administration, which are tied to real labor standards for the first time. time in history. With the Libra project, we are taking another step toward a sustainable future that also delivers the kind of good-paying, middle-class jobs that Nevadans deserve. We couldn’t be prouder to support this.”
The ambitious Libra Solar project has a capacity of 700 MWAC solar system combined with a 700 MW energy storage system that can provide 2,800 MWh of energy storage per day. The project is expected to produce 1,948,000 MWh annually. This venture occupies 5,141 acres of land in Mineral County, Nevada, with the majority of the production line in Lyon County, and will create 1,100 jobs during the development and construction phase, generating $250 million in direct wages.
“The signing of the Power Purchase Agreement for the Libra Solar project marks a pivotal moment in our fight against climate change,” said U.S. Representative Steven Horsford (NV-04). “This transformative project will not only generate unprecedented amounts of solar energy and battery storage, but also create more than 1,000 good jobs and stimulate economic growth in Mineral County. I’m thrilled to see Nevada continue to lead the way in renewable energy production. The benefits of this project will resonate throughout our communities and especially here in the 4th District, ensuring a cleaner environment and a robust job market for years to come.”
The economic impact of the project extends beyond energy production. It is expected to generate $170 million in personal property and sales tax revenue over its life cycle. The project’s innovative design ensures that the battery storage system will provide reliable power year-round, which will especially benefit rural Nevada.
“NV Energy is committed to a future that delivers sustainable energy to all of our customers, where large-scale and cost-effective solar solutions represent a substantial portion of Nevada’s energy generation,” said Doug Cannon, CEO of NV Energy. “This groundbreaking partnership with Arevia Power is a testament to our shared vision of a cleaner, more sustainable future for Nevada. The integration of a large-scale battery storage system with the solar project ensures that we can efficiently meet our energy needs while significantly reducing our environmental footprint.”
This project, which will soon be approved through the Integrated Resource Plan (IRP) recently submitted by NV Energy, illustrates the potential of renewable energy to simultaneously drive economic growth and environmental stewardship. This plan strikes a balance between meeting increased growth, meeting renewable portfolio standards and ensuring customers have access to affordable, reliable and safe energy.
Key components of the IRP include three major solar and battery power purchase agreements (PPAs), totaling more than 1,000 MW of solar and more than 1,000 MW of battery storage. Among these projects, the Libra Solar project stands out with a proposed capacity of 700 MW and a 700 MW battery with a run time of 4 hours (2,800 MWh).
These PPAs, built, owned and operated by third parties, will sell their energy production to NV Energy at a fixed price. Such projects are key to helping NV Energy meet state renewable energy standards while providing steady energy prices to customers. Moreover, they play a crucial role in meeting energy needs during peak times. Arevia was advised by Patrick Groomes and Brenda Hanzl, who also advised Arevia in previous negotiations with NVE on the 690 MW Gemini solar/BESS project.
News item from Arevia Power
