Today, more than 160 corporate executives are gathering at
Bloomberg’s New York City headquarters for a meeting of Rocky Mountain
Institute’s Business Renewables Center (BRC). The over-capacity,
invitation-only event is the latest proof point of corporations’
fast-growing interest in purchasing large amounts of renewable energy.
After
signing a record 1.2 GW of utility-scale wind and solar power in 2014,
corporations have smashed that record—with two months still to go in the
year. Through November 17, 2015, corporations had signed more than 2 GW
of power purchase agreements (PPAs) for large-scale, off-site renewable
energy, according to the BRC’s tracking of publicly announced deals.
The BRC and its members—corporate buyers, advisors, and sponsors—are
at the heart of this major market shift that’s increasingly putting
corporations in the renewable energy driver’s seat. Across 2014 and 2015
YTD, BRC-affiliated companies were part of three out of every four
corporate deals.
Since Friday, BRC companies have announced multiple major deals
totaling an estimated 475 MW, enabling the annual corporate PPA market
to surpass 2 GW for the first time. Those transactions include BRC
corporate member Equinix announcing 225 MW of new renewable energy deals,
including 100 MW from BRC sponsor Invenergy’s Wake Wind Energy Facility
in Texas and 125 MW of wind from BRC sponsor NextEra Energy Resources.
“We’re seeing the market move beyond the few pioneering first movers
into a growing list of fast followers eager to pursue large renewable
energy transactions,” says Hervé Touati, manager director at Rocky
Mountain Institute and head of the BRC. “The BRC is establishing itself
as the go-to member-based marketplace where they all come together,
sharing knowledge so that more renewable deals can happen sooner and
easier.”
Since its previous semiannual meeting in May in San Francisco, the
BRC’s membership has more than doubled. BRC companies now represent
total annual revenues of $1.3 trillion, global annual electricity
consumption of 41.7 TWh (equivalent to ~3.8 million American homes), and
for publicly traded companies, a collective market capitalization of
$2.14 trillion.
New corporate members include Autodesk, Avery Dennison, Cisco,
Digital Realty, EMC Corporation, Equinix, Etsy, FedEx, Microsoft,
Starwood Hotels, Steelcase, Workday, Xanterra Parks & Resorts,
Yahoo!, and others.
“Microsoft takes its commitment to environmental sustainability very
seriously, and we are working to grow our renewable energy portfolio,”
says Brian Janous, Director of Energy Strategy at Microsoft. “We’re very
excited to join the BRC, to both share our experiences with others and
work with others to develop best practices. Together with the BRC, we
can streamline corporate renewable energy procurement and bring more
wind and solar online faster.”
New sponsors include 3Degrees, Affordable Solar, Bank of America
Merrill Lynch, Capital Power, Community Energy, Duke Energy Renewables,
EDF Renewable Energy, Gaelectric, Iberdrola Renewables, Infinity Wind
Power, K&L Gates, PricewaterhouseCoopers LLP, ReneSola, Renewable
Energy Systems Americas, Sempra U.S. Gas & Power, SoCore Energy,
SolarCity, Sol Systems, Tradewind Energy, and WSP Group. Recent weeks leading up to the BRC meeting today have brought several other strong signs about this substantial market trend:
- The U.S. EPA announced its 2015 Green Power Leaders, including at least five BRC companies among awardees.
- The White House announced more than 80 companies signing the American Business Act on Climate Pledge, including at least 17 BRC companies among the signatories.
- The American Wind Energy Association released Q3 2015 market numbers, showing the continued and even stronger role corporate PPAs are playing in new U.S. installed wind capacity this year (after accounting for nearly 25 percent of new wind in 2014).
“The market is moving fast, and I wouldn’t be surprised to see
additional major developments before the year is out,” says Lily Donge,
principal of the BRC. “Corporations are speaking loudly: they want
renewable energy, and we’re proud of the role the BRC and our members
have in making that happen.”
http://cleantechnica.com/2015/11/18/corporate-renewable-ppa-market-surpasses-2-gw-in-2015/
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