Renewable energy firm Greenvolt Power has acquired an early-stage co-located project in New Mexico, US, with a 50MW of energy storage.
The company has acquired the project rights for the 125MW Alamogordo Solar and 50 MW Storage Project from developer Solariant Capital and Daiwa Energy & Infrastructure (DEI), part of the Japanese financial services company Daiwa Securities Group.
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The project is expected to come online in 2025 and Solariant will remain involved in the project to see it through the development and construction stages. Construction is expected to start in 2024.
The Alamogordo project will help the southwestern state to meet a 100% zero carbon electricity target for 2045, as per the state government’s 2019 Energy Transition Act. The energy storage system will help shift the solar PV into the evening hours as generation tails off.
To this end, the New Mexico Senate in March passed a bill which would require investor-owned utilities (IOUs) in the state to have 2GW/7GWh of energy storage online by 2034. Half of that needs to have come online by 2028. The main three IOUs, which serve 73% of the New Mexico population, are the Public Service Company of New Mexico, El Paso Electric and Xcel Energy.
“Greenvolt is delighted to partner with Solariant on this important project in New Mexico,” said Weronika Nowak, Deputy Country Manager for Greenvolt Power U.S. “Greenvolt is committed to partnering with communities and industry leaders to accelerate the energy transition, and our goal is to continue to expand into additional markets across the country.”
The announcement added that Greenvolt “sees great opportunities with quality off-takers” in New Mexico.
Last week saw another developer D.E. Shaw start construction on a 200MW solar, 100MW storage project in the state, set to come online next year.
Greenvolt started out of Portugal as a biomass company and says its product is the ‘main reference’ when it comes to energy production from residual forest biomass in the country. It has also expanded into broader renewables development, with a pipeline of 6.9GW of projects in Europe and the US, of which 2.9GW will be ready-to-build (RTB) before the end of 2023.
It went public in 2021, two years after first announcing the plans (covered by sister site PV Tech).