MGM Resorts International (NYSE: MGM) and Chicago-based Invenergy, North America's largest independent renewable energy company, have partnered on a new solar photovoltaic array, which will generate 100 megawatts of clean, renewable energy. The MGM-Invenergy Solar Project will be located 25 miles north of Las Vegas and MGM Resorts will purchase all the energy generated by the project to help power its 13 properties on the Las Vegas Strip. The project will be operational by the end of 2020. This project is in line with MGM Resorts' longstanding leadership and commitment to reduce its consumption of the Earth's limited resources.
"Protecting the planet is a business imperative for MGM Resorts and it is our responsibility to find innovative ways where we can use clean energy to power our resorts," said Jim Murren, Chairman and CEO of MGM Resorts International. "Incorporating renewable energy into MGM's portfolio will fundamentally reduce MGM's environmental footprint."
Over the past year, MGM Resorts considered a broad array of potential renewable energy projects in Nevada. Invenergy was selected for its strong track record of success in the renewable energy industry, as well as its ability to offer MGM a customized solution. The company also provided a site in an ideal location, which will allow the project to be developed in the most environmentally conscious manner.
"Invenergy is a leader in solving energy challenges for businesses like MGM that are backing up their commitment to sustainability by powering their operations with renewable energy," said Invenergy's Founder and CEO Michael Polsky. "Solar energy offers cost-competitive power with zero carbon emissions, providing tremendous value and long-term certainty for customers looking to minimize their impact on the environment."
The MGM-Invenergy Solar Project will be made up of approximately 336,000 panels on 640 acres of land within the U.S. Bureau of Land Management's Dry Lake Solar Energy Zone. The project will produce enough electricity to power the equivalent of approximately 27,000 homes. Aside from the renewable energy being used directly by MGM Resorts' Nevada properties, the project will also yield other significant benefits for the state of Nevada. Construction of the project will employ approximately 350 workers. Once operational, the project will generate approximately $20 million of sales and property tax revenues as well as indirect economic benefits to local businesses like hotels and restaurants, while also reducing carbon emissions.
MGM Resorts' properties line the Las Vegas Strip from Mandalay Bay Resort & Casino to Circus Circus Las Vegas, and include some of the most recognizable resort brands in the industry including the Bellagio, Mirage, Aria and MGM Grand. With its roots firmly planted in the Las Vegas area, this array furthers MGM Resorts' commitment to Las Vegas and the community. By building the array close to the Las Vegas Strip, it will enable MGM Resorts to directly use the electricity generated from the array.
In 2016, MGM Resorts completed the expansion of the nation's largest contiguous rooftop solar array. The 26,000 panel, 8.3-megawatt solar array is located on the roof of the Mandalay Bay Convention Center.
Since 2015, Invenergy has partnered with ten corporate customers to develop over 1,100 megawatts of new renewable energy capacity. As a privately held, full-service energy solutions provider, Invenergy has the unique ability to be creative when it comes to solving complex energy challenges for corporate customers.
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