7X Energy Announces Power Purchase Agreement for Lapetus Energy Project in West Texas

Represents the largest SolarBlocksTM
contract to date for company

AUSTIN, Texas–(BUSINESS WIRE)–7X
Energy, Inc. (ÔÇ£7XÔÇØ) announces the finalization of an energy contract
with CoServ
Electric and Brazos
Electric Power Cooperative, Inc. for the sale of solar energy from
the Lapetus
Energy Project (ÔÇ£LapetusÔÇØ). The 35 megawatt (MW) solar project,
owned and developed by 7X Energy, will be constructed in Andrews County,
Texas, and is scheduled to commence operations in 2019.

Solar energy from the Lapetus facility will be sold in SolarBlocksTM
under a multi-year Power Purchase Agreement (PPA). SolarBlocks is a
power block purchasing strategy developed by 7X, with the support of the
Lapetus buyers, that enables customers to procure contractually
guaranteed fixed blocks of energy produced from solar plants. The fixed
blocks of solar, which can be forecasted down to the 15-minute
settlement interval, lock in low energy rates during peak periods when
electricity can be most expensive and remove the intermittent
variability of delivered energy associated with traditional solar
generation. SolarBlocks can be purchased by electric cooperatives,
utilities and corporations in competitive retail electricity markets.

ÔÇ£The 7X team is working tirelessly to package and deliver reliable clean
energy in a way that our customers are accustomed to when purchasing
traditional energy,ÔÇØ said Clay Butler, CEO of 7X Energy. ÔÇ£For too long
our industry has been trying to squeeze a square peg into a round hole,
and we aim to change that by making renewable energy procurement easier
for buyers.ÔÇØ

Brazos Electric will be purchasing the energy on behalf of CoServ
Electric for the benefit of CoServÔÇÖs roughly 220,000 electric meters in
North Texas. This agreement represents the largest solar energy contract
to date with an electric cooperative in Texas and was made possible by
the low competitive cost of 7X EnergyÔÇÖs solar power in ERCOT (Electric
Reliability Council of Texas).

ÔÇ£We want to provide renewable energy solutions for our Members,ÔÇØ said
CoServ President/CEO Donnie Clary. ÔÇ£This project helps enhance our role
as a trusted energy advisor, focused on the future and passing along the
resulting economic benefits.ÔÇØ

Brazos Electric signed onto the contract as the generation and
transmission provider for CoServ, facilitating the transaction among
Brazos Electric, CoServ and 7X. Brazos, the oldest and largest
generation and transmission cooperative in Texas, worked diligently with
CoServ and the 7X team to customize the right energy solution, including
the fixed delivery of power for CoServ, its distribution co-op member.

Brazos Electric's Executive Vice President and General Manager Clifton
Karnei said, ÔÇ£Brazos Electric enjoyed working with 7X Energy in
negotiating a solar PPA to procure cost-effective solar power for CoServ
and its retail Members.ÔÇØ

CoServ and Brazos Electric were supported in the development of the
solar energy contract by the National
Renewables Cooperative Organization (NRCO). NRCO provides full
origination and development services for its owner-members and electric
cooperative customers, with more than one gigawatt of wind and solar
projects completed to date, including 45 cooperative-run community solar
farms.

Lapetus will be the first large-scale solar facility to be built in
Andrews County. During peak construction, the solar facility will bring
75 jobs to the county and inject millions in local property tax revenue
over the life of the facility.

About 7X Energy

7X Energy is a Texas-based utility-scale solar developer. The company is
100% employee-owned and consists of a diverse team of seasoned industry
veterans focused on the development and sale of renewable energy to
commercial and wholesale customers. In 2016, 7X sold over 3 gigawatts of
solar projects across the U.S. to fund its early operations. Using its
custom proprietary mapping and transmission modeling software, 7X
continues to build a portfolio of projects and products across the U.S.
7X EnergyÔÇÖs development, technical, and software expertise accelerates
the project site selection and evaluation process, while lowering energy
costs and minimizing risk for its customers and investors.

Contacts

for 7X Energy, Inc.
Scott Dunaway, 512-344-2611
[email protected]