NORTHAMPTON, MA / ACCESSWIRE / April 10, 2024 / Arrow Electronics
By Liz Pearce
In a move to democratize high-impact renewable energy investments, Ever.green has forged a partnership with Clearway Energy Group to extend the life of a 55 MW wind farm in Big Spring, Texas. In this deal, eight brands, including Atlassian, Arrow Electronics, Autodesk, Brooks Running, Compose[d], Medallia, and Trimble, joined forces to purchase Renewable Energy Certificates (RECs) from the project through long-term contracts, which will provide critical funding to the project over its extended lifespan.
Cris Eugster, CEO and Co-Founder of Ever.green, said, "Our ability to fractionalize participation opens access to all companies wanting to have impact in the energy transition."
Ever.green's high-impact RECs play a critical role in supporting new clean energy projects by bolstering their initial financing prospects and long-term viability; the long-term REC contracts require robust diligence of the project and legal attestation of additionality. Up until now, companies looking to offset their Scope 2 emissions have had only two options: enter into a VPPA or PPA (which requires significant scale, capital, and the willingness to take energy price risk) or buy low-cost unbundled RECs on the spot market (which have negligible impact on the energy transition).
Through their investments, companies are helping to accelerate the energy transition while advancing their sustainability objectives. Dave Kemp, Director of Corporate Responsibility at Brooks Running, remarks, "Purchasing renewable energy is a critical strategy to achieve our Scope 2 greenhouse gas emissions reduction target."
The Ocotillo wind farm, which began commercial operations in 2008, underwent a partial repower by Clearway Energy Group, aimed at harnessing the abundant wind resources at the site while optimizing existing infrastructure. This project not only sustains a vital renewable energy source but also delivers environmental and community benefits, including materials and infrastructure reuse, minimal land-use impact, and substantial tax revenues for Howard County. The energy produced by the Ocotillo wind farm is enough to power 19,000 homes each year and will avoid tens of thousands of tCO2 of emissions per year.
Nichole Wiley-Marks, vice president of global real estate and sustainability for Arrow, said, "We're proud to be a part of this project and invest in clean, renewable energy sources that allow us to meet our climate goals."
Ever.green's commitment to driving impactful change extends beyond RECs. In 2023, we partnered with Baker Tilly to launch the first digital marketplace for clean energy tax credits, further empowering corporate buyers to amplify their renewable energy purchasing impact while reducing costs.
This collaboration between Ever.green and Clearway epitomizes the collective effort required to propel the world towards a cleaner, more sustainable future. By harnessing the power of corporate sustainability initiatives, we can create a lasting impact that transcends boundaries.
For more information about Ever.green's marketplace for high-impact RECs and tax credits, please contact Liz Pearce at liz@ever.green.
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SOURCE: Arrow Electronics
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