Copia Power executes 15-year Virtual Purchase Power Agreement
Carlyle-Backed Copia Power executes 15-year Virtual Purchase Power Agreement to sell 150 MWac of long-term renewable energy and environmental attributes
Dana Point, CA and Washington, DC – Carlyle-backed Copia Power (Copia) today announced it has signed a long-term virtual power purchase agreement (VPPA) with a Fortune 100 company for the first phase of its large, multi-gigawatt, Arizona solar and battery storage complex.
Under the terms of the agreement, 150 MW of nameplate capacity, or approximately 460,000 megawatt hours per year, will be sold through a financial agreement between the company’s Harquahala Sun 1 project and the corporate buyer. The contract term is 15-years and large enough to supply power to approximately 45,000 homes each year.
“The project is located west of Phoenix and sited in one of the highest solar resource areas in the country allowing it to provide value to project stakeholders” said Bryan Bradshaw, who leads the Energy Markets group at Copia. “The project is well positioned on the grid which allows it to provide clean electrons to both California and Arizona.”
Harquahala Sun 1 is located in Maricopa County, Arizona outside of Phoenix and is expected to begin construction this fall and begin delivering power in 2025.
The project will begin construction in parallel with Copia’s Harquahala Sun 2 project (300 MW solar and 1,200 MWh battery storage). Both projects have initiated their financing processes and anticipate closing tax equity and debt commitments alongside full-notice-to-proceed later this year.
“We are thrilled to begin delivering high-quality assets like Harquahala Sun 1 and 2 to our stakeholders, including our offtake partners. Copia’s team of industry veterans allows us to execute on a strategy that we believe benefits the entire value chain.” said Ray Henger, CEO of Copia.
“Thanks to the trust and support of all the project stakeholders and the great work of the Copia team, Copia is now embarking on its initial multibillion dollar construction program and providing tailor made solutions to help its customers decarbonize at scale.” said David Gluck, Copia Board Member and Managing Director at Carlyle.
About Copia Power
Copia Power is a Carlyle-backed renewable energy platform committed to the rapid deployment of new green electrons at scale. Copia has a differentiated strategy with a singular focus on developing, constructing, and owning large-scale infrastructure assets in select U.S. markets to accelerate decarbonization in all areas of the economy. Copia Power is actively developing more than 17 GW of solar and storage projects across the U.S.
Further information is available at www.copiapower.com.
About Carlyle
Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $381 billion of assets under management as of March 31, 2023, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,200 people in 29 offices across five continents.
Further information is available at www.carlyle.com. Follow Carlyle on Twitter @OneCarlyle.
Contacts:
Carlyle
Brittany Berliner
+1 (212) 813-4839
brittany.berliner@carlyle.com
Copia Power
Katie Heath
katie.heath@copiapower.com
Further information is available at www.copiapower.com.
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