Independent power producer Kenlov Renewable Energy signed a cornerstone power purchase agreement in its planned 1.5 GW renewable energy development pipeline in the United States. The PPA covers 60 percent (235 MWdc) of the output of the 400 MW Tierra Bonita solar PV project in Texas, for a period of 20 years.
The offtaker is CPS Energy, the largest municipal electric utility in the US, which supplies 900,000 residents of nearby San Antonio, and the agreement will ensure a steady long-term supply of clean energy to the city.
The PPA is a further milestone for Tierra Bonita — a 2,200-acre site, co-developed by Kenlov and Ashtrom — which has already secured land rights and grid connection approval. The project is expected to enter construction during the second quarter of 2023, with the start of commercial operation anticipated at the end of 2024.
The remaining 165 MWdc output of the project and its green certificates will be sold on a merchant basis in the open electricity market in Texas.
“This PPA is the cornerstone of Kenlov’s activities in the US and kicks off the development of Tierra Bonita – the first of our six projects in various stages of development, with a total capacity of approximately 1.5 GW,” says Yossi Gvura, CEO, Kenlov Renewable Energy. “We are proud to support CPS Energy as it leads the transition to cleaner energy in the municipality of San Antonio, establishing a relationship that we intend to develop for the long term with additional projects in our ownership.”
Kenlov’s total global pipeline of wind, solar and storage projects exceeds 3 GW, of which 1.5 GW are located in the US, and 1.5 GW across Europe. The U.S. pipeline encompasses six solar projects, with an expected development cost of $1.5 billion, which are being developed through the joint venture Kenlov Ashtrom Renewable Energy (KARE LLC).
Tags: utility-scale
