Wells Fargo is investing in a solar power project powered by Tesla Megapacks. A new project in New Mexico, USA, combines a 300 MW AC solar PV system with a 150 MW/600 MWh battery storage system (BESS).
Wells Fargo has closed its first tax equity investment into a solar project paired with battery storage, a large-scale plant being built in New Mexico, US, according to the Energy Storage News. The new investment relates to the Arroyo Solar and Storage project in New Mexico, which combines 300MWac of solar PV with a 150MW/600MWh battery energy storage system (BESS). The Arroyo project is being developed by DE Shaw Renewable Investments (DESRI), a developer, owner, and operator of long-term renewable energy contracts. This is also DESRI's first participation in the solar-plus-storage project.
Arroyo Solar and Storage Project is central to a plan by utility company Public Service Company of New Mexico (PNM) to procure nearly a gigawatt of energy from solar and energy storage facilities and replace San Juan Generating Station, a coal-fired power plant that is closing down. In October 2020, PNM said three other solar and storage projects would fill the gap left by the San Juan shutdown, the largest being Arroyo.
The 300MWac solar PV plant will be constructed by Sundt Construction. The array will use NEXTracker's tracking systems, while BESS will comprise Tesla Megapacks. Local company Affordable Solar Installation will construct BESS. Operation and maintenance (O&M) will be provided by Tesla and SOLV Energy.
“Arroyo is a keystone project for our companies, given the incorporation of energy storage as well as the important role that the facility will play in New Mexico’s energy transition,” DESRI chief commercial officer Thomas de Swardt said.
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Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.