Partnership among Tri-State G&T, Columbus Electric, TurningPoint Energy and Investors Will Serve Electric Cooperatives across Four States
DENVER, October 12, 2015 – Tri-State Generation and Transmission Association, Inc., a wholesale power supplier owned by 44 member electric cooperatives and public power districts, and D. E. Shaw Renewable Investments, L.L.C. (DESRI), today announced the execution of a 25-year contract to supply the utility with renewable energy from the planned Alta Luna Solar Project to be constructed in Luna County in southwest New Mexico.
Tri-State will purchase the entire output of the 25-megawatt (MW) solar farm over the life of the contract. The facility is expected to come online in December 2016 and will receive electric service from Columbus Electric, a Tri-State member system serving approximately 3,000 members and over 6,800 meters from its headquarters in Deming, N.M.
“Alta Luna Solar is the third utility-scale renewable energy project we’ve announced this year and further demonstrates how Tri-State and its members are committed to a diverse yet cost-effective generation fleet,” said Brad Nebergall, Tri-State’s senior vice president of energy management. “As with the other projects, Alta Luna represents a collaborative effort to find solutions to the various challenges that new generation presents – from siting and engineering to transmission access and financing. We are very thankful to our partners for their cooperation and shared vision in this effort.”
Chris Martinez, executive vice president & general manager of Columbus Electric Cooperative, noted that the project is a point of pride for southwest New Mexico. “The addition of Alta Luna Solar allows cooperative member-owners to harness a vital New Mexico resource – the sun – for generating affordable, renewable power for the communities in this part of the state. We are pleased to be contributing to this important initiative.”
The Alta Luna Solar Project is expected to consist of a single-axis tracking array of over 108,000 photovoltaic solar panels located on a 220-acre site in Luna County, approximately 25 miles northeast of Deming. The project was developed by TurningPoint Energy, a Denver-based energy developer, and subsequently sold to an affiliate of DESRI in partnership with Bright Plain Renewable Energy, LLC, a San Francisco based solar project developer, investor and operator.
“Alta Luna Solar was a very complex solar project that came together due to innovation, collaboration and leadership of our collective team, including Tri-State, Columbus Electric, Luna County, Bright Plain Renewable Energy, D.E. Shaw and my co- development partners at Solar Prime,” said Jared Schoch, principal and founder of TurningPoint Energy. “I want to especially highlight Luna County, which is a collaborative, pro-business, pro-renewable energy generation county.”
“We are pleased to be working with Tri-State and our other valued partners to provide renewable energy services to the residents of New Mexico,” said Bryan Martin, a managing director and head of U.S. Private Equity for the D. E. Shaw group. “By transforming the state’s vast solar resources into a clean, reliable source of energy, Alta Luna Solar is an important step as we build a bright and sustainable future together.”
The Alta Luna Solar Project is Tri-State’s second utility-scale solar photovoltaic power purchase agreement in New Mexico and the third in its system overall; in 2010 the utility began receiving power from the 30-MW Cimarron Solar facility located in Colfax County, N.M., and last month Tri-State announced an agreement to purchase power from the 30- MW San Isabel Solar Project to be constructed in southern Colorado. In 2014, 24 percent of the energy Tri-State and its member systems delivered to cooperative members was generated from renewable resources – one of the top ratios among electric utilities nationwide.
Based in the Denver suburb of Westminster, Tri-State Generation and Transmission Association is the wholesale power supplier to 44 electric cooperatives and public power districts serving approximately 1.5 million consumers throughout a 200,000 square-mile service territory across Colorado, Nebraska, New Mexico and Wyoming. In 2015, Tri- State was recognized by the U.S. Department of Energy as Wind Cooperative of the Year.
About Columbus Electric
Columbus Electric Cooperative is a non-profit, consumer-owned electric system established to provide electric service to rural southwestern New Mexico and southeastern Arizona.
About TurningPoint Energy
TurningPoint Energy is a clean energy advisory, development and investment company headquartered in Denver, Colorado. Its principals have experience developing solar projects totaling more than $1.7 billion in value over 500MW of operating solar power plants throughout the United States within the last eight years. TurningPoint Energy is structured as a privately held, lean company with some of the lowest overhead and profit requirements in the energy industry, the ability to make decisions quickly and customize our projects to each customer’s needs. For more information about TurningPoint Energy, visit www.turningpoint-energy.com
About the D. E. Shaw Group
D. E. Shaw Renewable Investments (DESRI) and its affiliates acquire long-term contracted renewable energy assets in North America. DESRI is a member of the D. E. Shaw group, a global investment and technology development firm with approximately $37 billion in investment capital as of July 1, 2015, and offices in North America, Europe, and Asia. Please visit www.deshaw.com for more information about the D. E. Shaw group.
Drew Kramer, Tri-State G&T / Akramer @ TriStateGT.org
Chris Martinez, Columbus Electric Cooperative / ChrisM @ col-coop.com
Jared Schoch TurningPoint Energy
Katie Bush DESRI/Bright Plain / kbush @ brightplain.com