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Apple, Akamai, Etsy and Swiss Re get together to buy clean power

“Considered in aggregate, this transaction will bring an enormous amount of solar and wind electricity to the PJM electric grid that serves 13 states in the eastern United States, which is not a place where you typically see many corporate PPAs emerge. And without Apple’s willingness to step forward as a lead buyer, its three corporate partners wouldn’t typically have been able to participate in the two projects on terms they were willing to accept from a financial or risk standpoint.

“‘They provided, for us, a safety net,’ said Lasse Wallquist, senior sustainability risk manager for Swiss Re.

“‘The terms were aligned with our needs entirely,’ said Chelsea Mozen, sustainability lead with Etsy, who has been searching for a deal sized at under 10 MWs for some time. The deal will enable the company to meet its declared goal of being 100 percent renewably powered by 2020, she said. ‘We had been looking for quite some time.’ . . .

“This year already has been a record-breaker when it comes to corporate renewable energy procurement, according to data released in early August by Bloomberg NEF. So far, companies have contracted for 7.2 gigawatts of clean power in 2018, more than the 5.4-GW record set in 2017.”

FULL STORY published August 9, 2018 via GreenBiz