MILLINGTON, Tenn. April 18, 2016 — Tennessee Valley Authority has awarded Nashville-based renewable energy provider Silicon Ranch Corporation a long-term power-purchase agreement for a 53 megawatt solar project at Naval Support Activity Mid-South in Millington, Tennessee. The solar array will be the largest in the state and will provide power to TVA customers at cost-competitive rates for the next twenty years.
“TVA is committed to providing renewable energy in a way that best serves our local power company customers and the more than nine million people of the Tennessee Valley,” said Van Wardlaw, TVA Executive Vice President of External Relations. “This solar project supports our commitment to a diversified and cleaner energy portfolio, which includes energy efficiency and competitively priced renewable energy,” Wardlaw added.
The project will occupy over 400 acres and feature a single-axis tracking system to allow an estimated 580,000 panels to follow the sun across its daily arc. To support the facility, Silicon Ranch acquired 330 acres from the Millington Industrial Development Board and signed a real-estate lease with the Department of the Navy for another 72 acres of base land at NSA Mid-South. The capacity generated on the Navy’s property will contribute to the DON’s “One Gigawatt” initiative to enhance energy security and resiliency. The project includes electrical infrastructure upgrades to provide additional benefit to NSA Mid-South.
Silicon Ranch, the largest developer, owner and operator of solar facilities based in the TVA service area, worked closely with TVA, DON, MIDB and MLGW to develop the project. Approximately $100 million will be invested to construct the facility, and Silicon Ranch will own and operate it during the life of the agreement.
Silicon Ranch President and Chief Executive Officer Matt Kisber said, “Silicon Ranch is honored to partner with the Department of the Navy, TVA, MLGW and the MIDB to deliver cost-effective, clean energy to support NSA Mid-South. We remain focused on the economic, environmental and community benefits this project brings to TVA’s ratepayers, to the city of Millington and surrounding communities, and to the thousands of Tennesseans associated with the NSA Mid-South facility.”
The Millington Industrial Development Board is celebrating the solar project as a victory for the entire region. MIDB Board Chair Carey Parham stated, “NSA Mid-South provides an annual economic impact of over $330 million to this area. We are grateful to TVA and to Silicon Ranch for bringing a clean renewable energy source to Millington. It not only supports this critical naval base, but it also sends a strong signal to the business community that Millington is a great place to locate their operations and that the MIDB is innovative and creative in working on important economic development projects.”
The Tennessee Valley Authority is a corporate agency of the United States that provides electricity for business customers and local power distributors serving more than 9 million people in parts of seven southeastern states. TVA receives no taxpayer funding, deriving virtually all of its revenues from sales of electricity. In addition to operating and investing its revenues in its electric system, TVA provides flood control, navigation and land management for the Tennessee River system and assists local power companies and state and local governments with economic development and job creation.
Silicon Ranch, based in Nashville, Tn., is one of the top 15 solar owner-operators in the U.S. Silicon Ranch is a full-service, renewable energy provider that customizes solar solutions based upon the individual needs of its customers. Silicon Ranch’s value to its customers is its ability to develop and execute solar solutions that help companies and organizations build brand equity and pursue a socially responsible community benefit while allowing those companies to focus on their core business activities. Silicon Ranch has been instrumental in helping its partners accomplish numerous “firsts” in their respective marketplaces.
For more information about Silicon Ranch Corporation, visit www.siliconranch.com.
Tennessee Valley Authority
Silicon Ranch Corporation
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