Core Electric Cooperative, an electric distribution cooperative in Colorado, and Invenergy, owner and operator of sustainable energy solutions, announced a new wholesale power supply partnership.
The partnership will provide Core with over 1.2 terawatt-hours of renewable energy per year.
This includes approximately 400 megawatts (MW) of new solar and wind energy projects and 100 MW of battery storage, backed up by over 300 MW of existing reliable natural gas resources starting in 2026.
Reducing Carbon Emissions by 80%
These agreements pave the way for Core's future for providing clean, reliable, affordable electric company in Colorado and signal Core's transformation to a fully independent electric utility with control of its power supply future.
Invenergy brings experience building flexible, sustainable energy solutions and has developed seven projects currently in operation in Colorado. The power agreements cover a 20-year term between Invenergy and Core.
Combined with Core's existing generating assets, these new agreements will supply the bulk of Core's wholesale energy needs.
With this partnership, Core will advance its objective of reducing carbon emissions by 80% by 2030 and create more flexibility to implement additional battery storage and other technologies in the future.
It will also secure dispatchable resources to ensure service reliability. The portfolio will stabilize Core's costs to keep members' rates low.
"Core's innovative partnership with Invenergy demonstrates that the transition to a clean and reliable energy future can be done without sacrificing affordability for our members," said Jeff Baudier, CEO of Core Electric Cooperative.
"With Invenergy, a proven and like-minded developer that can react and deliver in record time, CORE is competitively positioned to support native growth and aggressively pursue new business," Baudier added.
The selection followed a competitive evaluation of service provider proposals and was approved by Core's member-elected Board of Directors.