CPS Energy has successfully finalized an agreement to acquire 150 megawatts of solar power through a new collaboration with a Dallas-based energy company, as confirmed by the city-owned utility on Monday.
Genesis Consolidated Industries Holdings Inc. is set to construct the solar farm in Caldwell County, making a significant contribution to CPS Energy’s ambitious goal of integrating approximately 700 megawatts of solar power into its energy portfolio. The initiative stems from CPS Energy’s request for proposals issued in May, a crucial step in their plan to more than double their current solar energy capacity. With an existing 551 megawatts of solar power, the utility has named the upcoming project “Exodus 1.”
“I am proud of the work we have done to secure another 150 megawatts of solar energy for our growing community,” CPS President and CEO Rudy Garza said during a press release. “We look forward to our partnership with GCI and are excited about the economic development opportunities this partnership will provide the greater San Antonio area.”
The upcoming solar farm, set to be the flagship project for Genesis Consolidated Industries Holdings Inc. (GCI) in the region, marks a substantial step forward, according to CEO Robert Hayward.
CPS Energy anticipates the solar panels to commence power generation in the summer of 2025, with a projected lifespan of 25 years. As outlined in the agreement, GCI is committed to investing a minimum of $300,000 in education programs aimed at fostering engineering and technical skills in the local area.
Hayward expressed confidence that the new solar farm will have a dual effect, making a considerable economic impact while contributing significantly to the overall stability of the grid.
“We are optimistic that the relationship we are forging with CPS Energy will lay a solid foundation for long-term partnership for many years to come within the region,” Hayward said.
