Recurrent Energy, LLC, a wholly owned subsidiary of Canadian Solar Inc (NASDAQ: CSIQ), announced today that it has signed a virtual power purchase agreement with EMD Electronics, Biogen Inc, Wayfair Inc, Autodesk, Inc. and a major healthcare company. This agreement guarantees the purchase of 100% of the generating capacity of the Liberty Solar Project.
Supply 15,000 homes
The Liberty Solar project is currently under development in Liberty County, Texas, about 50 miles from Houston. It is a 100 MWac solar power plant that is expected to be operational in 2024. This initiative will help increase solar energy capacity in the Midcontinent Independent System Operator (MISO) region, which encompasses most of Liberty County where Liberty Solar is located. Currently, solar energy represents only 1% of the MISO region’s energy mix.
When completed, Liberty Solar will produce enough energy to power approximately 15,000 homes each year. EMD Electronics, the U.S. and Canadian arm of Merck KGaA, based in Darmstadt, Germany, will purchase the renewable energy generated by a 40 MW tranche of the Liberty Solar project, becoming the lead buyer in the deal. This initiative will help Merck KGaA reach its goal of covering 80% of its global electricity needs with renewable sources by 2030, and becoming carbon neutral by 2040.
Renewable energy purchased
Biogen Inc. (NASDAQ: BIIB), a leading global biotechnology company, will purchase renewable energy generated by a 20 MW unit of the Liberty Solar project, in line with its commitment to use exclusively renewable electricity since 2014. In 2020, Biogen announced greenhouse gas emission reduction targets and a long-term vision to eliminate fossil fuel emissions from its operations.
Wayfair Inc. (NYSE: W), one of the world’s largest home retailers, will purchase renewable energy generated by a 15 MW unit of the Liberty Solar project. Once online, this unit is expected to generate 37,000 MWh, or approximately 64% of the company’s North American electricity demand for the year 2022.
Autodesk, Inc. (NASDAQ: ADSK), a global leader in design and manufacturing technology, will purchase the renewable energy generated by a 10 MW tranche of the Liberty Solar project, with the goal of promoting a more sustainable, resilient and equitable world.
Finally, a large healthcare company will purchase the renewable energy generated by the remaining 15 MW of the Liberty Solar project.
These five companies were organized and supported by Sustainability Roundtable Inc.’s Net Zero Consortium for Buyers, the leading large-scale renewable energy group purchasing platform for businesses in the United States and Europe. This initiative demonstrates the growing commitment of large companies to support renewable energy and reduce their carbon footprint, while driving a transition to a more sustainable future.
