BOSTON, Sept. 26, 2024 (GLOBE NEWSWIRE) -- Through Sustainability Roundtable, Inc.’s Net Zero Consortium for Buyers (NZCB), Akamai Technologies (Akamai), Teradyne, and Wayfair LLC (Wayfair) have signed an aggregated virtual power purchase agreement (VPPA) with BayWa r.e. Americas. This agreement covers the renewable energy credits produced by the 135 megawatt alternating current (MWac) Prairie Solar project in Champaign County, Ill., which is being developed by the BayWa r.e. Americas group and is expected to achieve commercial operation at the end of 2025.
Prairie Solar is set to make a significant impact in the Midcontinent Independent System Operator (MISO) region of Illinois, which, at only 32% low-carbon energy in 2023, is an especially carbon-intensive grid. Once operational, Prairie Solar will help reduce carbon emissions in this area, which currently relies heavily on fossil fuels.
By aggregating their demand, Akamai, Teradyne, and Wayfair overcome the challenge of modest energy loads that typically hinder independent procurement of utility-scale renewable energy. This buyer-aggregated approach democratizes access to the financial and environmental benefits of utility-scale renewable energy, making procurement possible for a broader range of enterprises.
Akamai, the world’s most distributed platform for cloud computing, security, and content delivery, plans to purchase the renewable energy generated by a 30 megawatt (MW) portion of the project to support the company’s commitment to run its distributed platform as efficiently as possible, to be mindful of its power usage, and to minimize the negative environmental impacts of its global operations.
“Akamai has led the way in innovative renewable energy projects since 2018, when we were a part of the United States’ first corporate aggregated VPPA – a game-changing approach for smaller renewable energy buyers. Today we are proud to continue that legacy by participating in this solar aggregation located in a very carbon intensive grid,” said Mike Mattera, director of corporate sustainability and environmental, social and governance officer at Akamai.
Teradyne, a leading global supplier of automated test equipment and robotics solutions, will purchase renewable energy generated by a 20 MW portion of Prairie Solar in furtherance of the company’s emissions reduction commitment. Once operational, Teradyne’s portion of the project is expected to deliver renewable energy equivalent to the company’s entire U.S. electric load.
“Teradyne remains committed to our sustainability initiatives. The NZCB provides one of the many ways Teradyne is working to reduce our environmental impact to benefit all of our stakeholders,” said Debra Pulpi, corporate environment, health and safety manager at Teradyne.
Wayfair, the destination for all things home, will purchase renewable energy generated by a 20 MW portion of the Prairie Solar project. Once operational, this portion is expected to generate 45,000 megawatt hours (MWh) of energy, which will cover about 80% of Wayfair’s electricity needs in North America for 2023. This will ultimately contribute to Wayfair’s goal of cutting Scope 1 and 2 emissions by 63% by 2035 (compared to 2020 baseline).
“We are proud to be part of our second aggregated virtual power purchase agreement in North America,” said Anna Vinogradova, head of sustainability and ESG for Wayfair. “This project will help Wayfair advance towards its Scope 1 and 2 emissions reduction goals, aligning with our vision of a more sustainable future. Partnerships like the NZCB harness collaboration to unlock ambitious opportunities for companies to contribute to a cleaner environment.”
The NZCB separately advised another entity on a VPPA contract for a 50 MW portion of the Prairie Solar project.
The NZCB has achieved over 90% of its goal of causing a gigawatt of new renewable energy capacity before 2025. Reaching the NZCB’s gigawatt goal would generate enough energy to meet the annual average electricity needs of more than 200,000 U.S. homes while helping mitigate commercial Scope 2 emissions across the business operations of corporate buyers. This transaction demonstrates how the NZCB offers a breakthrough model for commercial collaboration in causing utility-scale renewables, beginning in North America and Europe.
Sustainability Roundtable, Inc.
Sustainability Roundtable, Inc. (SR Inc) works to be the world's most respected strategic advisor in enterprise decarbonization. For more than fifteen years, leaders at over 100 Fortune 500 and global growth companies have trusted SR Inc to provide membership-based strategic advisory and support services. SR Inc helps executives to set goals, drive progress, and report results as they lead their organizations to more sustainable high performance — all to help align business with life. SR Inc's Net Zero Consortium for Buyers (NZCB) is a confidential renewable energy buyers’ community creating transactions favorable for corporate buyers. The NZCB enables enterprises to chart a profitable path to Net Zero emissions globally. SR Inc Member-Clients have made the NZCB the leading transaction platform for corporate aggregated procurement of utility scale renewable energy in North America and Europe.
Contact Information: srinc@fischtankpr.com
