[SMM Analysis] Arevia and NV Energy Sign PPA for "Nevada's Largest" 2.8GWh Solar + Storage Project

Developer Arevia Power has reached an agreement with local utility NV Energy on a power purchase agreement (PPA) for a large-scale solar + storage project in Nevada, USA.

The two companies have agreed on the PPA for the Libra Solar project, which will combine 700MWac of solar PV and a 700MW/2,800MWh battery energy storage system (BESS), with the goal of achieving commercial operation by the end of 2027.

Arevia stated that this will require an investment of $2.3 billion, making it one of the largest solar + storage projects in the US and the largest in the state.

According to SMM, the project will be approved as part of NV Energy's integrated resource plan (IRP) under Berkshire Hathaway, which includes three major solar + storage PPAs with a total capacity of over 1GW, of which Libra Solar is the largest. These projects will help NV Energy achieve Nevada's renewable energy deployment goals and control customer costs while helping the utility meet peak demand loads. Nevada and other desert states in the Southwest are rapidly becoming as active as leading states like Texas and California in the storage market, with utilities signing long-term PPAs with developers of large-scale projects, making it easier to secure construction financing. Nevada's projects can also serve the relatively large California energy market, with the entire contiguous western United States interconnected through the western interconnection grid. For example, EDF Renewables North America and California utility SCPPA signed a PPA in February for a 780MWh solar + storage project in Nevada.