Concho Valley Electric Cooperative Announces The Agnes Project, its First Community Solar Project
SAN ANGELO, TEXAS (June 25, 2019) - Concho Valley Electric Cooperative (CVEC), announced today the commencement of The Agnes Project, its first community solar power plant. In collaboration with TurningPoint Energy(TPE), Axium Solar and Kenyon Energy the new 1 megawatt (MW) AC solar plant began construction this spring in Irion County with plans to be operational and generating clean energy to CVEC customers this summer.
The project was developed by TurningPoint Energy. The clean energy produced by the facility will be sold under a power purchase agreement to CVEC, an electric distribution cooperative serving 7,155 Members in 10 Texas counties.
The Agnes Project will generate an estimated 2,770,000 kWh annually or enough electricity to supply up to 228 homes with electricity. As a zero-emission energy generation resource, it also is the equivalent of adding 2,240 acres of trees or taking 404 cars off the road. The project supported 50 jobs in Texas in the form of consultants, engineers, construction and related workers. This project will also generate additional property tax revenue for Irion County.
Axium Solar is providing engineering, procurement and construction services for the new 1 MW AC solar power project. Additionally, Kenyon Energy will supply permanent financing for the project, as well as plant operations and maintenance. Ongoing maintenance and operations of the plant will be managed by Bay4 Energy, one of the country’s leading solar service companies providing a comprehensive suite of energy and asset performance management services.
"We’re really excited about providing a new and innovative energy option to our Members that they haven’t had before. So many of our Members have told us that they want solar, but they haven’t found it affordable to install at their residence, or that their residence simply is not conducive to a solar installation," said Kelly Lankford, Executive VP/CEO of Concho Valley Electric Cooperative. "The Agnes Project provides all of our Members the opportunity to have a solar energy option at a cost-competitive price. The Board and I cannot express enough how grateful we are for Scooter Scott and his family for providing the land that made this project possible."
"We are thankful for the opportunity to support Concho Valley Electric Cooperative and its Members with the creation of The Agnes Project, the first community solar project of its kind in the area," said Jared Schoch, President of TurningPoint Energy. "This project was first proposed and then built by Axium Solar, supported and developed by TurningPoint Energy, and finally funded by Kenyon Energy. It was truly a collective effort between all of these companies and our client to actualize this project."
"Axium Solar has a long-standing relationship of coming through for Texas utility clients, including CVEC," said Bob Kendrick, President of Axium Solar.
"Kenyon Energy is excited for the opportunity to work with CVEC, TPE and Axium Solar to provide low cost renewable energy to CVEC Members, while also laying the foundation for us to own, operate and provide tax equity for future solar projects throughout Texas." said Clay Biddinger, Chairman and Chief Executive Officer of Kenyon Energy.
About Concho Valley Electric Cooperative
Concho Valley Electric Cooperative is a Member-owned, Rural Electric Cooperative serving ten counties in West Texas. CVEC has 7,155 Members, 14,827 connected meters, a total of 4,323 miles of line in its service territory and assets of over $105 million. Since CVEC is owned by the Members and is not-for-profit, any margin of revenue remaining after expenses is allocated yearly to Members as capital credits. These capital credits are paid to the Members as CVEC's financial conditions permit. For more information about CVEC, visit www.cvec.coop.
About TurningPoint Energy
TurningPoint Energy is a clean energy development, advisory and investment company with solar development projects underway throughout the United States. Its principals have experience developing solar projects for utility and community solar clients totaling more than $2.5 billion in value over 1.1GW of operating solar power plantsthroughout the United States within the last decade. TurningPoint Energy is a lean, privately-held firm that adapts to its clients’ needs and finds ways to invest in its clients and their communities…at every turning point. For more information about TurningPoint Energy, visit https://turningpoint-energy.com
About Kenyon Energy
Kenyon Energy is a leading developer, owner and operator of solar energy projects in the United States. Kenyon Energy takes great pride in providing excellent customer service, while developing cost-effective, turnkey, and creative solar energy solutions for a diverse set of customers, including utilities, municipalities, schools and universities, federal and state government facilities, small and large industrial facilities, and Fortune 500 companies. For more information, visit www.kenyonenergy.com.
About Axium Solar
Axium Solar is a full lifecycle engineering, procurement and construction contractor who employs a world class team of licensed electricians who are skilled and experienced in all types of solar PV construction. They have on staff engineers and take pride in their crews who are well versed in construction, electrical and PV systems. Axium Solar implements customized options for utility companies, solar developers, Co-Ops, municipalities, ISDs, Universities, federal and state facilities, industrial facilities, agriculture and farms. For more information about Axium Solar, visit: https://www.axiumsolar.com
About Bay4 Energy
Bay4 Energy is a leading independent renewable energy service organization that provides a comprehensive suite of energy and asset performance management services designed to keep owners, investors, and operators in touch with their renewable assets, while delivering optimized energy production and financial returns. Bay4 is trusted by its partners to manage every aspect of a project or portfolio including asset management, O&M, independent engineering reviews, monitoring, and more. For more information, visit www.bay4.com.