- A subsidiary of Faraday Copper (FDY) has signed a letter of intent with Proteus Power Development to assess a new solar power project in Arizona
- The project would include a new photovoltaic power generation facility and a battery energy storage system at the FDY’s Copper Creek project
- Once the facility has been developed, FDY shared it intends to sign a long-term purchase agreement to buy power from Proteus
- FDY may lease the necessary land from Proteus, while Proteus will be responsible for developing the facility
- Faraday Copper (FDY) is down 4.54 per cent trading at $0.84 per share as of 11:00 a.m. EST
A subsidiary of Faraday Copper (FDY) has signed a letter of intent with Proteus Power Development to assess a new solar power project in Arizona.
According to the company, the project would include a new photovoltaic power generation facility and a battery energy storage system at the FDY’s Copper Creek project. Once the facility has been developed, FDY shared it intends to sign a long-term purchase agreement to buy power from Proteus.
If this comes to fruition, the companies will also sign a land lease agreement allowing FDY to lease necessary land for the solar project. Meanwhile, Proteus will be responsible for developing the solar project in two phases.
“I look forward to working with Proteus to deliver on our strategy of advancing Copper Creek to be a U.S. domestic producer of green copper,” Paul Harbidge, President and CEO of FDY, said.
“Our recent ranch acquisition enables this important initiative by providing the necessary private land for an industrial-scale, solar-energy project at Copper Creek.”
Ample power to reduce emissions and costs
The facility has been planned to bring in up to 125 megawatts (mW) of solar power and store up to 400 mW per hour. The company’s intent with this project is to help reduce its emissions on Copper Creek and lower the operating costs.
Additionally, any excess power produced by the facility will be fed to the grid to support the region’s energy security. FDY stated this will help the state of Arizona reach its target of increasing clean energy production and revenue generation.
Faraday Copper (FDY) is down 4.54 per cent, trading at $0.84 per share as of 11:00 a.m. EST.