Industrial, Solar, Wind - October 31, 2022
Pioneer Natural Resources Signs Wind, Solar PPA
Pioneer Natural Resources Company announced its participation in two renewable energy projects that will supply low-cost, renewable power to the company’s Permian Basin operations and the Texas electric grid.
Pioneer is working with a subsidiary of NextEra Energy Resources, LLC to develop a 140-MW wind generation facility on Pioneer-owned surface acreage in Midland county, Texas. This project is supported by a PPA with Pioneer in which Targa Resources Corporation (Targa) will participate and is expected to be operational in 2024. NextEra Energy Resources is a generator of renewable energy from the wind and sun and provides battery storage.
Additionally, Pioneer is also a participant in the 160 MW Concho Valley Solar project through Targa’s PPA, which commenced delivering renewable electricity during October 2022.
The renewable electricity sourced from these projects will provide a portion of the power required to operate Pioneer and Targa’s jointly owned Midland Basin natural gas processing infrastructure, as well as Pioneer’s field operations, enhancing each company’s emissions reduction initiatives through renewable electricity purchases and credits.
Pioneer will continue to evaluate wind and solar developments on its extensive owned surface acreage in the Permian Basin. These projects, along with any future projects, are expected to provide an offset to Pioneer’s Scope 2 emissions through the use of renewable electricity, helping Pioneer to further reduce the emission intensity of the company’s operations while continuing to supply low-cost, responsibly sourced energy to the world.