CORAL GABLES, Fla. and TAOS, N.M., June 27, 2016 (GLOBE NEWSWIRE) -- The Kit Carson Electric Cooperative (Kit Carson) in Northern New Mexico and Guzman Energy Group in Florida announced today that Guzman Energy Group’s affiliate, Guzman Renewable Energy Partners (GREP), have entered into a long-term power purchase agreement. Guzman Energy Group, a specialty energy company that finances, trades and operates energy assets across North America, was selected by Kit Carson following an extensive and competitive request for proposals (RFP) process initiated last summer. GREP will provide wholesale electric supply to Kit Carson members for up to a ten-year period, which will begin on July 1, 2016.
Working together under the power purchase agreement, Kit Carson and GREP will be able to consider and access renewable energy as well as improve Kit Carson’s strategic position for energy supply. This transaction is expected to result in estimated cumulative savings in excess of $50 million over the term of the agreement for the territory’s nearly 30,000 members.
Kit Carson’s chief executive officer, Luis Reyes said, “We are excited to announce this partnership which will directly benefit the residents and businesses of the Kit Carson territory as the cooperative takes a significant step in giving members greater flexibility at a lower cost.” Reyes also said, “As a member owned cooperative, it is imperative that we give our members not only the ability to choose their source of power, but also the length in contract terms under which we buy that power.”
“We are pleased to provide Kit Carson members with an innovative and cost effective solution to meet their immediate and long-term energy needs,” said Leo Guzman, chief executive officer, Guzman Energy. “With a variety of sources and capabilities, GREP is able to deliver electricity savings to consumers big and small while at the same time accommodating increasing demand for renewable resources. We look forward to working with Kit Carson and its members.”
“We are excited about the expected flexibility and cost savings as a result of this agreement,” said Jeffrey Heit, managing director, Guzman Energy. “We are committed to providing our partners, including Kit Carson’s ratepayers, with economical, reliable, and clean sources of energy.”
About Kit Carson
Formed in 1944, Kit Carson is a member owned electric distribution cooperative in northern New Mexico and is the second largest cooperative in the state. Kit Carson is one of 16 electric cooperatives that serve rural New Mexico communities, serving nearly 30,000 members in Taos, Colfax and Rio Arriba counties. To learn more about Kit Carson, visit www.kitcarson.com.
About Guzman Energy
The Guzman Energy Group, which includes Guzman Energy and its affiliates, is a specialty energy company that finances, trades and operates energy assets across North America. The firm is headquartered in Coral Gables, Florida with offices in Denver, Colorado. To learn more about Guzman Energy, visit www.guzmanenergy.com.
Source: Guzman Energy;Kit Carson Electric Cooperative Inc.