EVRAZ Rocky Mountain Steel has entered into an agreement with Xcel Energy to install a 240-MW solar project at its steelmaking operations in Pueblo, Colo., USA.

The investment will be the largest-known behind-the-meter solar project ever built, according to solar industry news outlet pv magazine Global. Installing solar power generation at Rocky Mountain Steel is part of a long-term deal with Xcel Energy and will result in the closure of Xcel’s Comanche coal-fired energy unit in Pueblo.

The renewable energy project is a crucial component of Rocky Mountain Steel’s future intention to upgrade its long products facility, which produces rod and bar, rail, and seamless pipe. “Achieving long-term price certainty on energy is a key first ingredient for considering further investments,” Rocky Mountain Steel chief executive Conrad Winkler said to Energy Manager Today.

The agreement is conditional on EVRAZ executing these planned investments by 2024.