Deriva Energy Acquires 140MW Spanish Peaks Solar Project in Colorado from JUWI Inc

Charlotte-based Deriva Energy has successfully completed the acquisition of Spanish Peaks Solar, a 140-megawatt (MW) solar project located in Las Animas County, Colorado. The project was acquired from global solar power developer JUWI Inc. The strategic move underlines Deriva’s commitment to advancing economic solutions for the energy transition, positioning the company as a significant contributor to the clean energy landscape in the region.

With the addition of Spanish Peaks, Deriva Energy’s portfolio in Colorado now stands at 388 MW. The solar project will supply energy to Tri-State Generation and Transmission Association through a 19-year power purchase agreement.

Chris Fallon, President of Deriva Energy, expressed excitement about the acquisition, stating, “This project underscores our commitment to implementing solutions for a viable energy future. We are thrilled to collaborate with JUWI again in Colorado to create job opportunities, provide clean energy solutions for Tri-State customers, and support the economic growth of Las Animas County.”

JUWI is responsible for the engineering, procurement, and construction of the project, while Deriva will procure the solar modules. The construction of Spanish Peaks commenced and is expected to come online in Q4 2024. The project is anticipated to create approximately 250 jobs during peak construction, and Deriva Energy will own the plant, sharing operations and maintenance responsibilities with JUWI.

Steve Ihnot, Chief Financial Officer of JUWI, commented on the project, saying, “We are especially pleased with the relationships that we have built with so many transaction counterparties, as Spanish Peaks represents repeat business with Deriva, Tri-State G&T, Las Animas County, the landowners, and many of the subcontractors and vendors.”

The Spanish Peaks Solar Project, with an expected capacity of 140 MW, is projected to generate enough electricity annually to serve approximately 38,000 homes, aligning with Tri-State’s clean energy goals. Tri-State plans to add 595 megawatts of solar to its resource portfolio in 2024-2025, including the Spanish Peaks Solar Project.

Duane Highley, Tri-State CEO, emphasized the importance of clean, low-cost solar power, stating, “We greatly value the teams at Deriva Energy and JUWI as they help support our mission to deliver reliable, affordable, and responsible power.”

The project is situated in the service territory of Tri-State member San Isabel Electric Association.

Deriva Energy, formerly known as Duke Energy Renewables, is a leading clean energy generation provider with 5,900 megawatts of operating and under-construction wind, utility-scale solar, and storage assets across the U.S. The company is a portfolio company of Brookfield, one of the world’s largest owners and operators of renewable power and climate transition assets.

Tri-State Generation and Transmission Association is a power supply cooperative of 45 members operating on a not-for-profit basis. Together with its members, Tri-State delivers reliable, affordable, and responsible power to more than a million electricity consumers across nearly 200,000 square miles of the West.

JUWI Inc., with nearly 30 years of experience, is a leading specialist in renewable energy. The company provides complete project development and services related to the planning, construction, and operational management of renewable energy plants.