January 24, 2023
Landmark Power Supply Partnership Between CORE Electric Cooperative, Invenergy to Lead Colorado's Energy Transformation
The portfolio will exceed emissions goals while stabilizing retail electricity prices
SEDALIA, Colo. and DENVER, Jan. 24, 2023 -- Today, CORE Electric Cooperative (CORE), the largest electric distribution cooperative in Colorado, and Invenergy, the leading privately-held developer, owner and operator of sustainable energy solutions, announced a new wholesale power supply partnership. The partnership will provide CORE with over 1.2 terawatt-hours of renewable energy per year, which includes approximately 400 megawatts (MW) of new solar and wind energy projects and 100 MW of battery storage, backed up by over 300 MW of existing reliable natural gas resources starting in 2026. These agreements pave the way for CORE's future as the cleanest, most reliable, most affordable electric company in Colorado and signal CORE's transformation to a fully independent electric utility with control of its power supply future.
Invenergy brings extensive experience building flexible, sustainable energy solutions as one of the largest developers of clean and renewable energy projects in the world and has successfully developed seven projects currently in operation in Colorado. The power agreements cover a 20-year term between Invenergy and CORE.
Combined with CORE's existing generating assets, these new agreements will supply the bulk of CORE's wholesale energy needs. With this partnership, CORE will advance its objective of reducing carbon emissions by 80% by 2030 and create more flexibility to implement additional battery storage and other technologies in the future. It will also secure dispatchable resources to ensure service reliability. The portfolio will stabilize CORE's costs to keep members' rates among the lowest in Colorado for years to come.
"CORE's innovative partnership with Invenergy demonstrates that the transition to a clean and reliable energy future can be done without sacrificing affordability for our members," said Jeff Baudier, CEO of CORE Electric Cooperative. "With Invenergy, a proven and like-minded developer that can react and deliver in record time, CORE is competitively positioned to support native growth and aggressively pursue new business."
"After months of thorough analysis and diligent planning, we're excited to announce CORE's future in delivering our members affordable, reliable and clean power as Colorado's premier energy provider," shared Tim White, CORE's Board President.
"This partnership between Invenergy and CORE signifies a key moment in Colorado's clean energy transition," said Jim Shield, Senior EVP and Development Business Leader at Invenergy. "Invenergy is proud to be CORE's chosen partner and to help them meet their important renewable energy and reliability objectives through our flexible energy solutions."
The selection followed a competitive evaluation of service provider proposals and was approved by CORE's member-elected Board of Directors.
For more information, visit www.CORE.coop/transform
About CORE Electric Cooperative
CORE is a member-owned, not-for-profit electric distribution cooperative that provides power to nearly 180,000 services inside a 5,000-square-mile service area along Colorado's Front Range. Its headquarters is in Sedalia, and district offices are in Bennett, Conifer, and Woodland Park. Learn more at www.CORE.coop.
Invenergy drives innovation in energy. Invenergy and its affiliated companies develop, own, and operate large-scale renewable and other clean energy generation and storage facilities in the Americas, Europe and Asia. Invenergy's home office is located in Chicago, and it has regional development offices in the United States, Canada, Mexico, Spain, Japan, Poland, and Scotland.
Invenergy and its affiliated companies have successfully developed more than 30,000 megawatts of projects that are in operation, construction or contracted, including wind, solar, transmission infrastructure and natural gas power generation and advanced energy storage projects. Learn about Invenergy at www.Invenergy.com.