Indianapolis-based Wabash Valley Power says it has committed to purchasing 100 percent of the energy produced by the forthcoming Speedway Solar project in Shelby County. The wholesale electric supplier says the solar array, when complete, will generate enough power to serve 35,000 households in Indiana.
The 199-megawatt Speedway Solar facility is being developed by New York-based Ranger Power. The project is expected to begin in 2019, pending local approvals.
The agreement between Wabash Valley Power and Ranger Power is effective through 2057. The Indy-based supplier says the price of utility-scale solar energy has declined in recent years, making it economically competitive with traditional fuel sources.
"Opportunities like the Speedway project don’t come along every day," said Lee Wilmes, executive vice president of risk and resource for Wabash Valley. "A 35-year, fixed price contract with no risk of fuel escalation is an impactful addition to our power supply mix and enables us to take one more step in reducing the carbon footprint of our total energy portfolio."
Wabash Valley Power supplies electricity to 19 nonprofit electric cooperatives in Indiana. The company says the Speedway Solar facility will be one of the largest solar developments in the state.