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Faraday Copper Signs Letter of Intent for Evaluation of a Solar and Battery Project at Copper Creek
VANCOUVER, BC / ACCESSWIRE / March 9, 2023 / Faraday Copper Corp. (" Faraday " or the " Company ...
About this update from Faraday Copper Corp
[{"type":"text","content":"Faraday Copper Signs Letter of Intent for Evaluation of a Solar and Battery Project at Copper CreekVANCOUVER, BC / ACCESSWIRE / March 9, 2023 / Faraday Copper Corp. (\"Faraday\" or the \"Company\") (TSX:FDY) is pleased to announce that its subsidiary, Redhawk Copper Inc., has entered into a Letter of Intent (\"LOI\") with Proteus Power Development LLC (\"Proteus\") for the evaluation of a new solar Photovoltaic (\"PV\") power generation facility and battery energy storage system (\"BESS\"), (collectively, the \"Solar Project\"), to be located at the Copper Creek Project in Arizona, U.S.Paul Harbidge, President and CEO, commented \"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. Our recent ranch acquisition enables this important initiative by providing the necessary private land for an industrial-scale, solar-energy project at Copper Creek.\"Potential Benefits:Between 100 and 125 megawatts of solar power and storage of 100 to 400 megawatt-hours of capacity through BESS;Reduced carbon emissions for Copper Creek production;Reduced operating costs through a long-term Power Purchase Agreement (\"PPA\");Surplus power expected to be fed to the grid to bolster regional energy security, consistent with Arizona's target of increasing clean energy generation; andRevenue generation through a land-use agreement with Proteus.Letter of Intent for Solar ProjectThe LOI sets forth the agreement between Faraday and Proteus (\"the Parties\") relating to the development by Proteus of a new solar PV power generation facility and battery energy storage system to be located on lands owned and controlled by Faraday. Upon completion of the development of the Solar Project, the Parties anticipate that they will enter, among other things, into:A long-term PPA pursuant to which Faraday will have the option to purchase renewable energy from the Solar Project; andA land lease agreement pursuant to which Proteus will lease the necessary land for the Solar Project.Proteus will develop the project in two phases as described below:Phase I will focus on the identification of suitable land, electrical interconnections, project layouts, optimal sizing for the PV and BESS, and a high-level project development schedule. Advancement of the Solar Project to Phase II req...