New Mexico’s Milagro Solar+Storage project launches, powering 60,000 homes
EDF Power Solutions and El Paso Electric have launched operations at the 150 MW Milagro Solar+Storage project in New Mexico, powering approximately 60,000 homes. Meanwhile, Spruce Power has ventured into the home battery storage market, collaborating with Treehouse for a nationwide energy storage upgrade program.
The Milagro project, a joint venture between EDF Power Solutions and El Paso Electric, began operations this month. This solar-plus-storage facility aims to enhance grid reliability and reduce fossil fuel dependence. It is expected to create 200 construction jobs and generate around $18 million in tax revenue for the county.
Fermi America, a developer of next-generation private electric grids, has priced its IPO at $21 per share. Underwriters have the option to purchase an additional 4.875 million shares, with the IPO expected to close on October 2. Fermi America plans to build an 11 GW AI-powered campus in Texas, utilizing a mix of energy sources, including solar.
Enlight Renewable Energy's US subsidiary, Clēnera Holdings, has secured around $390 million in funding for the 290 MW Roadrunner Project in Arizona. The project is expected to generate $50 million in first-year revenue and $40 million in EBITDA, qualifying for PTC, ITC, and a 10% Energy Community Adder under a 20-year PPA.
Spruce Power's entry into the home battery storage market is a strategic response to the expected decline in residential solar capacity due to the elimination of the Section 25D ITC by 2025. The company has partnered with Treehouse for a nationwide energy storage upgrade program.
These developments highlight the growing momentum in the renewable energy sector, with companies investing in solar-plus-storage projects, next-generation electric grids, and home battery storage solutions. The Milagro project's launch and the Roadrunner Project's funding demonstrate the potential for renewable energy projects to stimulate economic growth and create jobs.
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