2019 was a fully charged year for Savion as our team officially launched as a new utility-scale solar and energy storage project development company.
Savion launched with a mature development business platform including a highly skilled and experienced development team. We hit the ground running with more than 10 gigawatts (GW) of utility-scale solar and energy storage pipeline projects under construction, under contract, or in development. Backed by Macquarie’s Green Investment Group, Savion has a strong financial footing to ensure successful projects, further enabling our team to pursue the mission of decarbonizing the electric grid.
In addition to our launch – and with the help of great partners Evardy Construction and Clockwork Architecture + Design – we moved our team of more than 70 employees to a renovated office building in downtown Kansas City, Missouri.
In October, Dominion Energy acquired two Virginia solar projects from Savion. The Myrtle and Greensville solar projects are both expected to be operational in 2020. In addition, T-Mobile entered into long-term contracts to purchase renewable energy credits as well as power generated by these two solar projects.
Shortly following in November, Central Electric Power Cooperative entered into a power purchase agreement with Orangeburg County Solar Project, LLC and Orangeburg South Solar Project, LLC, both located in South Carolina. Google, that operates a data center in nearby Berkeley County, has committed to buying power from one of the solar energy facilities.
There’s much to celebrate as we dive into 2020. We’re energized by the potential for continued growth in utility-scale solar and storage project development, including:
- The cost of utility-scale solar energy continues to decline, making it competitive with other forms of generation and an attractive investment for utilities seeking to keep costs low for customers.
- Solar is growing as a desired energy source for corporate and industrial clients who wish to hedge their retail electricity costs, offset their carbon footprint, and diversify investments.
- Utility-scale solar is the fastest-growing sector in the solar industry.
- Over the next five years, total installed solar capacity is expected to more than double, according to Solar Energy Industries Association (SEIA) and Wood Mackenzie Power & Renewables.
- Energy storage facilities are critical to building resiliency on the U.S. electrical grid. According to Wood Mackenzie Power & Renewables, the U.S. storage market is poised to experience substantial growth due to supportive policy structures and new opportunities for battery storage to provide wholesale market services.