AES accelerates Holy Cross Energy’s 100 percent renewable energy goal with two solar-plus-storage projects in Colorado

ARLINGTON, Va., April 19, 2021 — The AES Corporation (NYSE: AES) today announced it signed agreements with Holy Cross Energy (HCE) to help meet Holy Cross Energy’s 100 percent renewable energy goal by 2030 outlined in its 100X30 plan. Through the agreements, AES will develop two projects that will collectively add 20 megawatts (MW) of renewable energy capacity and 40 megawatt-hours (MWh) of battery storage in the Towns of Parachute and Silt, Colorado, located west of AES’ office in Louisville, Colorado.

“Projects like these will allow HCE to attain our 100X30 clean energy goals while keeping power supply costs low,” said Steve Beuning, HCE VP, Power Supply & Programs. “We are pleased to be partnering together with AES to develop reliable and resilient energy resources locally that will benefit all HCE members.”

“We see incredible value in these projects and are proud to partner with HCE and support their commitment to a clean energy future,” said Woody Rubin, AES Clean Energy Chief Development Officer. “HCE’s customers will benefit from green, reliable energy, and the local communities will also benefit from approximately $3.5 million in combined tax revenue over the contracted life of the projects. We look forward to working together with HCE to realize the full potential of solar and battery storage through these projects.”

The projects, High Mesa Solar in the Town of Parachute and Peace Bear Ranch Solar in the Town of Silt, will each provide 10 MW of solar energy and 20 MWh of battery storage and will support HCE in sustainably and affordably serving local customers in its retail service territory. The 40 MWh of battery storage will allow HCE to shift electricity production from the solar panels into evening hours when customer demand is often highest. Development of the Peace Bear Ranch Solar project is contingent on results of engineering studies currently being performed by Xcel Energy, to assess overall grid impacts. Project construction is planned to begin in late-2021, and the projects are expected to be fully operational by the end of 2022, subject to Garfield County Land Use permitting approvals. Collectively, the projects will generate enough carbon-free electricity to serve 5% of HCE’s electrical load under 20-year power purchase agreements (PPA).

Since 1939, HCE has been the electrical provider to communities in Western Colorado. HCE is a non-profit cooperative association utility that now serves more than 44,500 members with 58,000 meters. For decades, HCE has remained committed to providing safe, reliable, affordable, and sustainable energy that improves the quality of life for its members and communities.
______________

About AES
The AES Corporation (NYSE: AES) is a Fortune 500 global energy company accelerating the future of energy. Together with our many stakeholders, we’re improving lives by delivering the greener, smarter energy solutions the world needs. Our diverse workforce is committed to continuous innovation and operational excellence, while partnering with our customers on their strategic energy transitions and continuing to meet their energy needs today. For more information, visit www.aes.com.

About HCE
Founded in 1939, Holy Cross Energy is a not-for-profit rural electric cooperative that provides safe, reliable, affordable and sustainable energy and services that improve the quality of life for more than 44,500 members and their communities in Western Colorado. Committed to leading the responsible transition to a clean energy future, HCE was named the 2020 Electric Cooperative of the Year by the Smart Electric Power Alliance for their work in clean energy. For more information on HCE, please visit www.holycross.com.