US renewable energy developer Deriva Energy has acquired a 140MW solar PV project in Colorado from German solar developer JUWI.
The Spanish Peaks Solar project will be in Los Animas County, Colorado and is expected online by Q4 2024. JUWI will conduct engineering, procurement and construction, which has already begun, and, once operational, the power from the site will be sold to the Tri-State Generation and Transmission Association, a regional electricity provider, under a 19-year power purchase agreement (PPA).
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Duane Highley, Tri-State CEO said: “Tri-State’s members benefit from clean, low-cost solar power, including the 140MW Spanish Peaks Solar, and 50% of the energy our members use will come from clean energy in 2025.”
Deriva said that it will procure the solar modules for the project, though it did not specify a supplier. The developer now owns and operates 388MW of solar PV assets in Colorado. Earlier this week the US Department of the Interior revealed a roadmap for broadening solar developments on public lands in the western US, and Colorado was specified as one of six states with high solar potential.
Until last year Deriva Energy was known as Duke Energy Renewables, the commercial renewables arm of US utility Duke Energy. In October, Canadian asset owner Brookfield Renewables completed its acquisition of Duke Energy’s commercial utility-scale renewables business for US$2.8 billion.
According to clean energy analysis firm Mercom Capital the acquisition was the largest in the world solar industry in 2023, seeing Brookfield expand its fleet of solar, battery storage and wind generation assets by over 3.4GW.
PV Tech Premium today published a feature examining why two major US utilities – Duke Energy and American Electric Power – have sold their commercial renewables arms in the last six months.