Arevia Power seals landmark power purchase agreement with NV Energy for largest solar energy and battery storage project in Nevada

“Arevia’s Libra project will have an enormous impact on Nevada’s clean energy future,” 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 continues to be on the front lines fighting for the transformative changes that have made projects like this a reality, including renewable energy tax credits championed by the Biden-Harris administration that are tied to real labor standards for the first time in history. With the Libra project we are taking another step toward a sustainable future that also delivers the type of high-paying middle-class jobs the people of Nevada deserve. We could not be prouder to support it.”

The ambitious Libra Solar project features a 700 MWAC solar energy systempaired with a 700 MW Battery Energy Storage System capable of delivering 2800 MWh of energy storage per day. The project is set to produce 1,948,000 MWh annually. Spanning 5,141 acres of land in Mineral County, Nevada, with most of the generation tie line located in Lyon County, this venture is set to create 1,100 jobs during its development and construction phases, providing $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. Rep. Steven Horsford (NV-04). “This transformative project will not only generate an unprecedented amount of solar energy and battery storage but will also create over 1,000 good jobs and drive economic growth in Mineral County. I am 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 robust job market for years to come.”

The project’s economic impact extends beyond energy production. Over its lifecycle, it is expected to generate $170 million in personal property and sales taxes. The project’s innovative design ensures that the battery storage system will provide reliable power year-round, particularly benefiting rural Nevada.

“This agreement marks a significant milestone in our journey toward a sustainable energy future,” said Mark Boyadjian, managing partner of Arevia Power. “The Libra Solar project reflects our dedication to pioneering large-scale renewable energy solutions that will significantly impact Nevada’s energy landscape, creating jobs, stimulating the economy, and contributing to a sustainable future for generations to come.”

“NV Energy is committed to a future that provides renewable energy to all our customers, where large-scale, and cost-effective solar solutions make up a substantial portion of Nevada’s energy generation,” said Doug Cannon, chief executive officer of NV Energy. “This landmark 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 energy project ensures that we can meet our energy demands efficiently while significantly reducing our carbon footprint.”

“Arevia and NV Energy’s partnership is further proof of the opportunity set we see on the energy horizon,” said Jorge Ramirez, Managing Director, GCM Grosvenor. “We believe key stakeholders that represent private capital, government and labor can help accelerate and benefit from energy transition, and we are thrilled to support Arevia in helping to drive this change.”

Set to be approved through the Integrated Resource Plan (IRP)recently submitted by NV Energy, this project exemplifies the potential of renewable energy to drive economic growth and environmental stewardship simultaneously. This plan balances meeting increased growth, complying with renewable portfolio standards, and ensuring customers have access to affordable, reliable, and safe energy.

Key components of the IRP include three significant solar and battery power purchase agreements (PPAs), totaling over 1,000 megawatts of solar energy and more than 1,000 megawatts 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 4-hour duration (2,800 MWh).

These PPAs, built, owned, and operated by third parties, will sell their energy output to NV Energy at a fixed cost. Such projects are instrumental in helping NV Energy meet state renewable energy standards while providing fixed-cost energy pricing to customers. Additionally, they play a crucial role in meeting the energy load during peak times. Arevia was advised by Patrick Groomes and Brenda Hanzl, who also advised Arevia in its prior negotiations with NVE on the 690 MW Gemini solar/BESS project.