By Michael Dabaie
Xcel Energy Inc. (XEL) said it made a long-term agreement with steel maker EVRAZ North America and Lightsource BP to develop a new 240-megawatt solar facility in Pueblo, Colo.
Lightsource BP will finance, build, own and operate the Bighorn Solar project and sell the electricity it generates to Xcel Energy under a long-term power purchase agreement.
The project will be located on EVRAZ Rocky Mountain Steel property in Pueblo.
Lightsource BP and project investors will invest an estimated $250 million into the solar facility.
EVRAZ North America is Xcel Energy's largest retail electric customer in Colorado. The companies agreed to work toward a long-term electricity contract in 2018 that gives the steel mill price certainty through 2041.
Lightsource BP is engaged in the development, financing and long-term management of utility-scale solar PV projects.
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