7X Energy Announces Power Purchase Agreement For Texas Project
7X Energy, Inc. announced the finalization of an energy contract with CoServ Electric and Brazos Electric Power Cooperative, Inc. for the sale of solar energy from the Lapetus Energy Project. The 35 megawatt (MW) solar project, owned and developed by 7X Energy, will be constructed in Andrews County, Texas, and is scheduled to commence operations in 2019.
Solar energy from the Lapetus facility will be sold in SolarBlocks under a multi-year Power Purchase Agreement (PPA). SolarBlocks is a power block purchasing strategy developed by 7X, with the support of the Lapetus buyers, that enables customers to procure contractually guaranteed fixed blocks of energy produced from solar plants. "The fixed blocks of solar, which can be forecasted down to the 15-minute settlement interval, lock in low energy rates during peak periods when electricity can be most expensive and remove the intermittent variability of delivered energy associated with traditional solar generation," 7X said
Brazos Electric signed onto the contract as the generation and transmission provider for CoServ, facilitating the transaction among Brazos Electric, CoServ and 7X.