MGM Resorts International, a global entertainment company with national and international locations, and Chicago-based Invenergy, North America's largest independent renewable energy company, have partnered on a new solar photovoltaic project that will generate 100 MW of clean, renewable energy. The MGM-Invenergy Solar Project will be located 25 miles north of Las Vegas. MGM Resorts will purchase all of the energy generated by the project to help power its 13 properties on the Las Vegas Strip. This is the first utility-scale power purchase agreement entered into by MGM Resorts and will serve up to 30% of its current load in southern Nevada. The project is expected to be operational by the end of 2020.
According to MGM Resorts’ press release, over the past year, the company considered a broad array of potential renewable energy projects in Nevada. It selected Invenergy for its “strong track record of success in the renewable energy industry, as well as its ability to offer MGM a customized solution.” Invenergy also provided an ideal location in Nevada, which will allow the project to be developed in the most environmentally conscious manner.
The MGM-Invenergy Solar Project will comprise approximately 336,000 panels on 640 acres of land within the U.S. Bureau of Land Management's Dry Lake Solar Energy Zone. The project will produce enough electricity to power the equivalent of approximately 27,000 homes and will provide up to 90 percent of MGM’s total daytime power needs. Aside from the renewable energy being used directly by MGM Resorts' Nevada properties, the project will also yield other significant benefits for the state of Nevada, including employing an estimated 350 workers during the construction of the project. Once operational, the project will generate approximately $20 million of sales and property tax revenues as well as indirect economic benefits to local businesses like hotels and restaurants, while also reducing carbon emissions.
Holland & Hart’s electric power industry team was led by Denver-based partner Ashley Wald and Carson City Partner Fred Schmidt, and included Denver associate Nate Davis. The electric power team leverages decades of power industry experience to help clients seize opportunities to produce, develop, generate, and move electric power in the renewable and conventional power industries.
For more information, please see MGM Resorts International’s press release.