Project expands company's growing portfolio
of zero-carbon power generation facilities
IRVING,
Texas, June 7, 2022 /PRNewswire/ -- Vistra (NYSE:
VST) today announced its Emerald Grove Solar Facility in
Crane County, Texas, is online and
generating electricity for summer. The 108-megawatt solar
photovoltaic (PV) project is the third of seven new renewable and
energy storage projects Vistra is bringing online across
Texas over the next few years and
the latest addition to the company's portfolio of zero-carbon power
generation assets, known as Vistra Zero.
Vistra Zero projects completed and online in spring 2022
include:
- Brightside Solar Facility, Live Oak
County, TX – 50 MW
- DeCordova Energy Storage Facility, Hood County, TX – 260 MW/260 MWh
- Emerald Grove Solar Facility, Crane
County, TX – 108 MW
Together with its existing emission-free generation assets,
including the most efficient nuclear plant in the country –
Comanche Peak Nuclear Power Plant, these projects bring the
company's zero-carbon Vistra Zero portfolio to nearly 3,300 MW
online, with plans to grow to more than 7,300 MW by 2026.
"With our Emerald Grove Solar Facility now online, Vistra has
taken another important step in transitioning our fleet to cleaner
electric generation," said Curt
Morgan, CEO of Vistra. "In the two years since announcing a
nearly $1 billion capital investment
within ERCOT, our teams have executed with precision despite the
challenges that exist today. We've shown that we can deliver the
green energy alternatives many retail customers are looking for
while providing affordable and reliable electricity to the growing
Texas population."
Situated on 1,100 acres in Crane
County, Emerald Grove is
comprised of 316,416 photovoltaic solar panels that can generate
enough electricity to power approximately 54,000 average residences
in the ERCOT market during normal grid conditions. The facility's
west Texas location allows the
panels to take advantage of higher solar irradiance levels,
increasing output just as demand climbs across the state.
"Emerald Grove is coming online
in time to power Texas through
what's predicted to be a record-breaking summer for energy use,"
said Jim Burke, Vistra president and
chief financial officer. "Vistra's diverse set of power generation
facilities allow us to combine battery storage and renewables, such
as Emerald Grove, with dispatchable
generation to provide lower-carbon, reliable electricity while
maintaining grid resilience."
Emerald Grove Solar Facility utilizes solar panel technology
from First Solar; Mortenson provided engineering and construction
expertise.
For more information on Vistra Zero, click here.
About Vistra
Vistra (NYSE: VST) is a leading Fortune 500 integrated retail
electricity and power generation company based in Irving, Texas, providing essential resources
for customers, commerce, and communities. Vistra combines an
innovative, customer-centric approach to retail with safe,
reliable, diverse, and efficient power generation. The company
brings its products and services to market in 20 states and the
District of Columbia, including
six of the seven competitive wholesale markets in the U.S. and
markets in Canada, as well.
Serving nearly 4.3 million residential, commercial, and industrial
retail customers with electricity and natural gas, Vistra is one of
the largest competitive electricity providers in the country and
offers over 50 renewable energy plans. The company is also the
largest competitive power generator in the U.S. with a capacity of
approximately 39,000 megawatts powered by a diverse portfolio,
including natural gas, nuclear, solar, and battery energy storage
facilities. In addition, Vistra is a large purchaser of wind power.
The company owns and operates the 400-MW/1,600-MWh battery energy
storage system in Moss Landing,
California, the largest of its kind in the world. Vistra is
guided by four core principles: we do business the right way, we
work as a team, we compete to win, and we care about our
stakeholders, including our customers, our communities where we
work and live, our employees, and our investors. Learn more about
our environmental, social, and governance efforts and read the
company's sustainability report at
https://www.vistracorp.com/sustainability/.
Cautionary Note Regarding Forward-Looking
Statements
The information presented herein includes
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements, which are based on current expectations, estimates and
projections about the industry and markets in which Vistra Corp.
("Vistra") operates and beliefs of and assumptions made by Vistra's
management, involve risks and uncertainties, which are difficult to
predict and are not guarantees of future performance, that could
significantly affect the financial results of Vistra. All
statements, other than statements of historical facts, that are
presented herein, or in response to questions or otherwise, that
address activities, events or developments that may occur in the
future, including such matters as activities related to our
financial or operational projections, the potential impacts of the
COVID-19 pandemic on our results of operations, financial condition
and cash flows, projected synergy, value lever and net debt
targets, capital allocation, capital expenditures, liquidity,
projected Adjusted EBITDA to free cash flow conversion rate,
dividend policy, business strategy, competitive strengths, goals,
future acquisitions or dispositions, development or operation of
power generation assets, market and industry developments and the
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"plans," "will likely," "unlikely," "believe," "confident",
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"forecast," "target," "potential," "goal," "objective," "guidance"
and "outlook"),are forward-looking statements. Readers are
cautioned not to place undue reliance on forward-looking
statements. Although Vistra believes that in making any such
forward-looking statement, Vistra's expectations are based on
reasonable assumptions, any such forward-looking statement involves
uncertainties and risks that could cause results to differ
materially from those projected in or implied by any such
forward-looking statement, including, but not limited to: (i)
adverse changes in general economic or market conditions (including
changes in interest rates) or changes in political conditions or
federal or state laws and regulations; (ii) the ability of Vistra
to execute upon its contemplated strategic, capital allocation,
performance, and cost-saving initiatives and to successfully
integrate acquired businesses; (iii) actions by credit ratings
agencies; (iv) the severity, magnitude and duration of pandemics,
including the COVID-19 pandemic, and the resulting effects on our
results of operations, financial condition and cash flows; (v) the
severity, magnitude and duration of extreme weather events
(including Winter Storm Uri),
contingencies and uncertainties relating thereto, most of which are
difficult to predict and many of which are beyond our control, and
the resulting effects on our results of operations, financial
condition and cash flows; and (vi) those additional risks and
factors discussed in reports filed with the Securities and Exchange
Commission by Vistra from time to time, including the uncertainties
and risks discussed in the sections entitled "Risk Factors" and
"Forward-Looking Statements" in Vistra's annual report on Form 10-K
for the year ended December 31, 2021
and any subsequently filed quarterly reports on Form 10-Q.
Any forward-looking statement speaks only at the date on which
it is made, and except as may be required by law, Vistra will not
undertake any obligation to update any forward-looking statement to
reflect events or circumstances after the date on which it is made
or to reflect the occurrence of unanticipated events. New factors
emerge from time to time, and it is not possible to predict all of
them; nor can Vistra assess the impact of each such factor or the
extent to which any factor, or combination of factors, may cause
results to differ materially from those contained in any
forward-looking statement.
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SOURCE Vistra Corp.