Estuary Power Begins Commercial Operation Of Escape Solar And Battery Storage Facility, Closes Additional Financial Deal

Estuary Power has announced the start of operations for its Escape Solar and Storage project located in Lincoln County, Nevada. The project includes 185 megawatts (MW) of solar photovoltaic (PV) capacity along with 400 megawatt-hours (MWh) of battery energy storage. Developed, constructed, and owned by Estuary Power, the project is being implemented in two phases. The first phase of the Escape project, featuring 70 MW of solar capacity, began delivering electricity ahead of schedule in June.

Power from this phase is being supplied under long-term power purchase agreements (PPAs) to Overton Power District No. 5, Caesars Entertainment, and Wynn Las Vegas. The second phase, which includes an additional 115 MW of solar capacity and the full 400 MWh of battery storage, is expected to begin supplying power to MGM Resorts International later this year. Estuary Power has also secured additional financing in support of the project.

This includes the initial funding under a tax equity investment commitment from Morgan Stanley Renewables Inc., as well as an upsizing of the project’s term loan, provided by Denham Capital on behalf of its clients. Headquartered in Reno, Nevada, Estuary Power is focused on the development, ownership, and operation of utility-scale renewable energy and energy storage projects across the western United States. The company is a majority woman-owned business and receives financial backing from the Ullico Infrastructure Fund (UIF), a $6.3 billion fund whose investors are primarily union pension funds.

Jill Daniel, CEO of Estuary Power, said in a statement, “Estuary is honored to serve key Nevada customers who value the renewable, economical, and reliable nature of solar energy. We are proud that Escape has been constructed in Nevada, by Nevada workers, to supply Nevada customers, contributing to our state’s economic development and energy independence. Escape has created nearly 500 well-paying union construction jobs for members of union locals whose pension funds are invested in Estuary. I am incredibly proud of the Estuary team for delivering the first phase of Escape in just under two years from identification of the site to start of operations, and thank all of our partners for making this possible.”

MeLisa Garcia, Chief Executive Officer of Overton Power District No. 5, mentioned, “Overton Power District No. 5 is pleased to add Escape to our energy supply portfolio at a much lower cost than other market-based sources. This long-term contract, along with our heritage hydropower allotments, adds rate stability and boosts the renewable portion of our portfolio. Taken together, these factors bring important benefits to our customers.”

Eric Dominguez, Senior Vice President of Engineering and Asset Management of Caesars Entertainment, also added, “Caesars Entertainment is committed to pursuing renewable energy sources to ensure a greener future. Over the last several years, Caesars has implemented multiple solar projects across the Empire. Our long-term contract with Escape is another step toward achieving our carbon reduction goals and reducing our environmental footprint while still creating extraordinary experiences for our guests.”

Jorge Iragorri, Managing Director and Head of Renewable Energy Investments at Morgan Stanley, explained, “Morgan Stanley is pleased to partner with Estuary Power through our investment in the Escape project. We look forward to supporting Estuary’s growth as we continue to advance toward a lower carbon future.”

Alberto Garcia, Managing Director, Denham Sustainable Infrastructure Credit, stated, “Denham is thrilled to continue our support of Estuary Power and the Escape project by increasing the size of the debt facilities. Our construction and long-term debt solution for Escape showcases how our institutional clients can support the development of renewable energy in the US market.”

Several Nevada-based union members are contributing to the Escape project, including workers from the International Brotherhood of Electrical Workers (IBEW) Local 357, Operating Engineers Local 12, and Laborers’ International Union of North America Local 872. The construction of the solar arrays is being carried out by Bechtel Infrastructure and Power Corporation. Substation work and certain transmission upgrades were completed by Dashiell Corporation. Tesla, Inc. is supplying and installing the battery energy storage system, while the solar modules are being provided by JinkoSolar, using their advanced TOPCon PV technology.