This month we’re featuring three competitive power suppliers as they continue to forge partnerships with key developers, invest in reliable energy solutions, and spread their operations throughout the nation—and the world. Read on for updates from Invenergy, Vistra Corp., and Energy Capital Partners.
Vistra Forges Key Partnerships for Innovation and Consumer Savings
Vistra Corp.’s retail electricity brand TXU Energy announced a new program with Sunrun to support grid reliability in Texas by creating a virtual power plant.
“Since we introduced solar net metering to Texans 15 years ago, rooftop solar has seen significant growth, marked by over $10 million in solar buyback credits paid to our customers last year alone,” said Sam Sen, Vistra’s vice president of energy transition solutions. “With the growing population and increasing demand on the grid, harnessing the collective power of home solar panels and batteries is an important expansion of our distributed energy initiatives.”
In efforts to bring down at-home charging prices for EV owners, TXU Energy also joined forces with Ford Motor Co. for EV Ford SUV and truck owners. The TXU Free EV Miles program enables eligible Ford owners to receive a 100% credit on their electric bill for energy used to charge their EVs between the hours of 7 p.m. and 1 p.m. the following day. According to U.S. Department of Energy information cited by Utility Dive, as much as 90% of EV charging happens overnight at home, making these savings considerable for EV owners.
ECP Invests in TX Peaker Plants
Energy Capital Partners (“ECP”) acquired a majority interest in ProEnergy, an aeroderivative gas turbine platform with 2.4 GW of Texas peaker plants providing firm power critical to meeting the state’s energy demand. ProEnergy is involved in repair and maintenance services for turbine fleets, manufacturing, engineering, and procurement of equipment, and delivering firm gas power generation to utility customers.
“We are thrilled to partner with, and invest alongside, Jeff Canon and the ProEnergy team,” said Andrew Gilbert, Partner at ECP. “Several of our portfolio companies are satisfied repeat customers and we have seen firsthand the value of the ProEnergy platform and its talented team. We look forward to helping ProEnergy grow and achieve its ambitious goals.”
Invenergy Spreads the Net Globally
Invenergy is expanding its headquarters in Shenandoah, Iowa. Shenandoah Chamber and Industry Association Executive Vice President Gregg Connell spoke highly of Invenergy’s efforts. “Invenergy is investing $450 million into Page and Fremont County,” said Connell, which he noted will bring about $49 million into the Shenandoah school district over the next 40 years, along with $27 million and $23 million in property tax revenue for Fremont and Page counties respectively. “So, an incredible investment for our community, and an incredible return for our community,” he said.
Invenergy also announced financing of solar projects in Missouri and Texas. In nearly $170 million in tax equity financing with Monarch Private Capital, Invenergy closed on a 200-MW solar project in Lamar County, TX. The Samson II solar farm will produce enough power to supply over 40,000 households. It will begin commercial operations later this year.
“The tax equity financing of Samson II marks another significant milestone for our flagship project,” Brian Bortman, Invenergy’s senior vice president of finance and capital markets, said in a news release.
Further afield, Invenergy also signed a virtual power purchase agreement (VPPA) with Honda in Japan and Rusutsu Wind, bringing 63 megawatts of clean energy in the largest VPPA in the region.
“Invenergy is dedicated to solving energy challenges for our customers and we’re proud to be partnering with an iconic company like Honda again to help them meet their clean energy goals” said Masa Oya, SVP and Head of Japan at Invenergy.
“By leveraging our global expertise, Invenergy continues to deliver clean energy solutions that meet the rapidly increasing needs of our diverse customers and communities across Japan, the region, and around the world,” he continued.
