US utility Xcel Energy has reached an agreement with Lightsource BP and EVRAZ North America to develop a 240MW solar facility in Pueblo.
The solar facility will be the largest in Colorado, will be sited at EVRAZ’s Rocky Mountain Steel property and will be financed, owned and operated by Lightsource BP.
Lightsource will invest $250 million into the project, is expected to create 300 jobs from the initiative and contribute over $22 million in property tax revenue over the project life.
The solar facility will power Xcel Energy customers and is expected to help Colorado to achieve its energy sustainability goals.
Colorado has plans to deliver 55% renewable energy to the grid by 2026 and reduce carbon emissions by 60%.
EVRAZ North America is Xcel Energy’s largest retail electric customer in Colorado and one of Pueblo’s largest employers.
The project is expected to go online by the end of 2021.
Skip Herald, president, CEO of EVRAZ North America, said: “This pioneering partnership with Xcel Energy and Lightsource BP marks a milestone for the development of our new rail mill and will make EVRAZ North America the industry leader in the use of renewable energy to produce the greenest steel and engineered steel products in the world, from rail to rod & bar.
“This long-term agreement is key to our investment in Colorado’s new sustainable economy.”