Arevia Power, in partnership with private equity firm KKR , has secured a pivotal power off-take agreement with utility giant NV Energy. This landmark agreement ensures the output of the expansive 700-MW Libra solar-plus-storage complex in Nevada.
Announced on Thursday, the power purchase agreement (PPA) underscores Arevia's commitment to selling the solar farm's generated power at a fixed rate, marking a crucial step in advancing sustainable energy solutions. While specifics regarding the duration of the contract remain undisclosed, its implications for the renewable energy landscape are profound.
Spanning across 5,141 acres of public lands managed by the US Bureau of Land Management (BLM) in Mineral County, Nevada, the Libra photovoltaic (PV) park promises to revolutionize the region's energy infrastructure. With an anticipated annual output of approximately 1.95 million MWh, the site will feature a robust four-hour battery energy storage system (BESS) with a capacity of 700 MW/2,800 MWh.
The ambitious solar-storage complex represents a significant investment exceeding USD 2.3 billion (EUR 2.1bn), firmly establishing its status as the largest of its kind in Nevada. Set for completion by the end of 2027, the Libra project signifies a substantial stride towards achieving sustainable energy objectives on a grand scale.
This groundbreaking venture aligns seamlessly with NV Energy's 2024 Integrated Resource Plan (IRP), which received regulatory approval from Nevada authorities in March. The IRP, a strategic blueprint for the state's energy future, includes three PPAs totaling over 1 GW of solar capacity and an additional 1 GW of energy storage capacity.
