National Grid Renewables, the US clean power subsidiary of the UK-headquartered National Grid Group, has signed two power purchase agreements (PPAs) for its Blevins solar project, currently under development in the US state of Texas.
The project is expected to have a capacity of 270MW, and the two PPAs cover the entirety of this capacity. US pharmaceutical firm Bristol Myers Squibb has signed an agreement to acquire 145MW of power from the project, while Japanese photography company Fujifilm will receive 125MW. National Grid Renewables plans to begin construction next year and expects to commission the project in 2025.
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“Blevins represents our strong belief that renewable energy projects deliver a sustainable and reliable source of power, all while invigorating the local economies and unlocking new potential for both direct and indirect revenue streams,” said Blake Nixon, president of National Grid Renewables.
National Grid Renewables currently boasts an operating portfolio of 1.1GW of solar capacity in the US, and upon its completion, the Blevins project will have the third-largest capacity of its projects, behind the Noble solar-plus-storage project in Texas and the Yellowbud solar project in Ohio. The company commissioned the latter project in October this year, signing a PPA with delivery giant Amazon to offtake power from the facility, making clear National Grid Renewables’ plan to build new solar projects and sell the power to corporate buyers.
The potential for PPAs to help the world realise its clean energy goals is clear, with Europe alone needing to add more than 700GW of new renewable capacity by the end of the decade, and such agreements providing a clear financial incentive for such developments.
“This PPA is aligned with our policy, which emphasizes securing a stable supply of renewable electricity with additionality,” added Fujifilm general manager of ESG Chisato Yoshizawa.
