Led by Elon Musk, Tesla has signed a long-term contract to purchase energy from a solar power plant with battery storage in Arizona, United States. The agreement was announced on Tuesday (28) by developer ContourGlobal, a company backed by manager KKR & Co.
Under the contract, the electric vehicle manufacturer will purchase approximately 90% of the energy produced by Project Sterling, which is expected to begin operations in 2028. The project will feature 509 MW of solar capacity and a 360 MW storage system. The financial details of the agreement were not disclosed.
According to ContourGlobal, Project Sterling will be the largest renewable asset in its portfolio. The company acquired the project at the end of 2024 and will independently market the remaining 10% of the energy generated. This is the first contract signed by the company with Tesla.
The announcement comes at a time of rising electricity costs in the United States. According to the EIA (Energy Information Administration), the average price of energy for consumers is expected to rise 4,3% in 2026, reaching a record high of $0,1422 per kWh.
The agreement also reinforces Tesla's strategy of expanding access to renewable energy to support the expansion of its operations. The company has intensified investments in artificial intelligence, computing infrastructure, and energy storage, areas that demand large volumes of electricity.
With information from Reuters Agency
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