Juwi Sells Two Large Solar Parks to US Energy Supplier Tri-State
Woerrstadt, Germaby - In the USA, non-profit electricity cooperatives were previously unable to benefit from federal tax credits. With the passage of the Inflation Reduction Act (IRA) of 2022, that has changed. Now it is no longer just for-profit companies that invest in renewable energy.
Juwi is currently building three photovoltaic power plants with an output of over 500 MW
Three PV power plants are under construction in the US state of Colorado, where the US branch of Juwi Inc. is also located. While construction of the “Spanish Peaks” solar power plant already began at the end of 2023, the conclusion of negotiations on the sale of the two other PV projects to the Colorado-based energy supplier Tri-State means that implementation can now also begin here.
Tri-State acquires the Axial Basin Solar and Canyon Solar farms
Axial Basin Solar is a 186 MW project located in Moffat County in the White River Electric Association service territory, approximately 250 miles northwest of Denver. Dolores Canyon Solar is a 141 MW project located in Dolores County in the Empire Electric Association service territory, approximately 400 miles southwest of Denver.
Both solar projects are expected to begin providing power to Tri-State members by the end of 2025, reaching a major milestone of 50 percent renewable energy in Tri-State members' service territories. “Our members now have ownership of solar at a competitive cost,” said Duane Highley, CEO of Tri-State. “We greatly appreciate Juwi's collaboration with our team in finalizing this transaction to purchase these two solar projects.”
Inflation Reduction Act (IRA) also enables investments for the Tri-State non-profit organization
Since the passage of the IRA, nonprofits can also benefit from federal tax credits. "I have worked for years to help rural electric cooperatives like Tri-State access federal clean energy tax credits. The passage of the historic Inflation Reduction Act made this possible for the first time, finally allowing them to own their own renewable energy projects,” said U.S. Sen. Michael Bennet, D-Colo. “This progress will help Tri-State deliver tremendous benefits to the rural communities it serves and support Colorado's continued leadership in our nation's transition to a clean energy economy.”
Tri-State expands solar portfolio to 870 MW by the end of 2025
Tri-State is a not-for-profit energy cooperative serving electric distribution cooperatives and members of public power districts in four states. Together with its member-owners, Tri-State serves more than one million electricity consumers in the western United States.
By the end of 2025, Tri-State will be able to supply its members with 870 MW (DC) / 680 MW (AC) of solar energy from eight facilities, with solar energy meeting the equivalent demand of nearly 200,000 homes.
Source: IWR Online, 09 Jun 2024
