Crossroads Agriculture, a unit of Soloviev Group, has unveiled plans to build two solar projects with more than 1GW of capacity in Colorado, US.
Financial details were not shared, although Crossroads expects electricity costs to be notably lower than from the coal-fired power plants they will replace.
The projects have the capacity to power nearly 250,000 US households.
To build the solar projects, Crossroads partnered with a subsidiary of NextEra Energy Resources.
Through the alliance, Crossroads aims to build the projects on more than 7,500 acres of its farmland near Haswell and Cheyenne Wells in Eastern Plains, Colorado.
Crossroads chairman Stefan Soloviev said: “The planned solar projects are another major step in our commitment to renewable energy.
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“We already have more than 30 wind turbines operating in New Mexico, with another 40 to be built in 2024 on Crossroads ground in Colorado, with hundreds more anticipated in the years to come.”
Crossroads opines that the Eastern Plains region in Colorado can support solar projects through an abundance of sunshine.
The company stated that solar projects can operate for nearly 30 years, enabling the farmland and groundwater aquifer below to regenerate.
Soloviev added: “We are pleased to be a part of Colorado’s efforts to have 80% of the state’s energy come from renewable sources by 2030. The state is really one of the nation’s leaders in its commitment to renewables.”