Highlights
- Tri-State is among the first generation and transmission cooperatives in the nation to own large, utility-scale solar.
- Tri-State members to reach milestone of 50% clean energy use in 2025.
- New direct-pay federal tax credits support cooperative ownership of renewables.
For the first time, Tri-State Generation and Transmission Association has purchased renewable projects to serve its member cooperatives. The not-for-profit wholesale power supplier has closed on the purchase of two solar projects in western Colorado with JUWI Inc.
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Axial Basin Solar is a 145-megawatt (MW) project in Moffat County in member White River Electric Association's service territory. The project is on land near the Colowyo Mine, which will end production later this decade.
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Dolores Canyon Solar is a 110-MW project located in Dolores County in Empire Electric Association's service territory.
Both solar projects are scheduled to begin delivering power for Tri-State's member systems in late 2025, reaching the significant milestone of 50% renewable energy use by Tri-State's members. Financial terms of the acquisitions were not released.
"Through Tri-State, our members now have ownership in solar at a competitive cost," said Duane Highley, chief executive officer for Tri-State. "We greatly appreciate JUWI's work with our team to complete this transaction for the purchase of these two solar projects."
"JUWI is excited to be working with Tri-State on two of the first 100+MW solar projects in western Colorado," said Steve Ihnot, chief financial officer for JUWI Inc. "We look forward to executing the projects with the shared values of safety, quality, coordination with the local communities, and value to the customers."
With the passage of the 2022 Inflation Reduction Act (IRA), not-for-profit electric cooperatives can receive direct payment of federal renewable energy tax credits, empowering cooperatives to invest directly in the ownership of renewable resources. Before the passage of the IRA, Tri-State and electric cooperatives in general could not directly benefit from the federal renewable energy tax incentives available to for-profit investor-owned utilities and independent power producers.
"I've worked for years to allow rural electric coops like Tri-State to access federal clean energy tax credits. The passage of the historic Inflation Reduction Act made that possible for the first time, finally allowing them to own renewable energy projects," said U.S. Sen. Michael Bennet, D-Colo. "This progress will help Tri-State deliver enormous benefits to the rural communities it serves and support Colorado's continued leadership in our nation's transition to a clean energy economy."
"Senator Bennet's leadership has made a real difference for our members, and for cooperatives across the country," Highley said.
In addition to the projects Tri-State is purchasing, Tri-State is adding another three solar projects PPAs to its resource portfolio which will be completed by the end of 2024. These include two solar projects in southern Colorado (Spanish Peaks and Spanish Peaks II) and one in New Mexico (Escalante Solar). At the end of 2025, Tri-State will serve its members with 680 MW of solar across eight facilities, with solar power serving the equivalent needs of nearly 200,000 homes.
About Tri-State
Tri-State is a power supply cooperative, operating on a not-for-profit basis, serving electric distribution cooperatives and public power district members in four states. Together with our member-owners, we deliver reliable, affordable and responsible power to more than a million electricity consumers across nearly 200,000 square miles of the West. For more information about Tri-State, visit www.tristate.coop .
About JUWI
The JUWI Group has been one of the world's leading specialists of renewable energy for nearly 30 years and offers complete project development, construction, and operational management of renewable energy plants. JUWI employs more than 1,300 people worldwide, with operations and global headquarters in Germany, and subsidiaries in Asia, Africa, Europe and the United States. To date, JUWI has implemented more than 1,250 wind energy plants with a capacity of more than 3,000 megawatts and approximately 2,000 solar PV plants with a total capacity of over 4,000 megawatts. JUWI's operations management group services wind energy and photovoltaic plants with a capacity of more than 4,100 megawatts.
Contact
Lee Boughey, (720) 670-6696, Lee.Boughey@tristategt.org
Mark Stutz, (303) 254-3183, Mark.Stutz@tristategt.org
Certain information contained in this press statement are forward-looking statements including statements concerning Tri-State's plans, future events, and other information that is not historical information. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described from time to time in Tri-State's filings with the Securities and Exchange Commission. Tri-State's expectations and beliefs are expressed in good faith, and Tri-State believes there is a reasonable basis for them. However, Tri-State cannot assure you that management's expectations and beliefs will be achieved. There are a number of risks, uncertainties and other important factors that could cause actual results to differ materially from the forward-looking statements contained herein.
