Deriva Energy, an independent renewable energy developer, announced acquiring a 140 MW solar project in Las Animas County, Colo. The project was acquired from the JUWI, a solar project developer.

The project, named ‘Spanish Peaks, is located in the service territory of Tri-State member San Isabel Electric Association. The Spanish Peaks commenced construction and is expected to be commissioned in Q4 2024. During peak construction, the project will create approximately 250 jobs. Deriva Energy will own the plant and share operations and maintenance responsibilities with JUWI.

With the addition of Spanish Peaks, Deriva Energy will own and operate 388 MW in Colorado. It will provide energy to the Tri-State Generation and Transmission Association through a 19-year power purchase agreement.

“We are excited to announce the successful acquisition of this promising solar project,” said Chris Fallon, President of Deriva Energy. “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.”

With a capacity of 140 MW, the project will generate enough electricity annually to serve the equivalent energy needs of roughly 38,000 homes. Tri-State is adding 595 MW of solar to its resource portfolio in 2024-2025, including Spanish Peaks Solar.

“Tri-State’s members benefit from clean, low-cost solar power, including the 140-MW Spanish Peaks Solar, and 50% of the energy our members use will come from clean energy in 2025,” said Duane Highley, Tri-State CEO.

Mercom’s recently released Annual and Q4 2023 Solar Funding and M&A report shows 231 large-scale solar project acquisitions in 2023 compared to 268 acquisitions in 2022. In 2023, almost 45.4 GW of solar projects were acquired 2023, compared to 66 GW in 2022, a 31% decline YoY.