MMEX Resources Corp is focused on oil, gas, refining and infrastructure projects in Texas and South America. The company intends to develop a solar project to supply electric power to its planned 10,000 barrel-per-day crude distillation unit (CDU) and its full-scale crude oil refinery in Pecos County, Texas. To actualize this aspect, the company formed MMEX Solar Resources LLC and filled a trademark to develop a solar power project to potentially supply solar power renewable energy to its refinery projects in Phases 1 and 2.
The planned oil refinery in Pecos County, Texas is adding an add-on of solar power to its strategic business plan; not only to support its core business processes but also as an alternative source of income by supplying solar energy to neighboring cities. Jack W. Hanks, the CEO of the development-stage company, said that the Permian Basin has great metrics for solar power and there are other projects in the region.
MMEX’s membership in the Texas Solar Power Transmission (TSPA) has heightened the company’s prospects regarding adoption of renewable energy in its planned operations. “TSPA’s mission and vision closely aligns with the company’s project development,” Hanks stated. “We continue to look forward to establishing business link like-minded association members focused on seeking alternative sources of renewable energy to run their businesses and surrounding communities.”
MMEX Resource Corp. CEO, Jack Hanks intimated that, “We already have 126 acres in our site and with an approximate industry configuration of 4 acres to build 1 MW of solar power, we have ample space to commence initial solar phase construction. The company has also entered into preliminary discussions to lease additional acreage to permit development of an additional renewable energy. MMEX’s refinery will expand the Permian Basin’s estimated 300,000 bpd processing capacity by 25%.
It appears that oil companies have noted that they can increase their shareholders’ earnings by spicing up with some solar, and MMEX Resources Corp. has not been left behind. Mr. Hanks noted that with an expansion of its current facilities, the company will lower its electricity costs. The CEO also stated that solar power generation will help avoid costly upgrade requirements in the stressed power grid of Western Texas, with a behind-the-meter solar power plant.
The decision to use solar power by the company was pegged on the tremendous opportunity solar power offers to Texas and the associated benefits that would accrue to the company. Texas Power Sola Association (TPSA) indicated that Texas has the largest solar resource in the U.S; a growing electricity demand, peak energy needs, persistent drought, and urban air quality constraints.