US Renewable Energy industry hits new corporate records

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Corporate renewable energy procurement is almost exceeding 5 gigawatts (GW) of production in 2018, says the Renewable Energy Buyers Alliance.

The alliance is tracking a new record of over 4.96 GW worth of new capacity acquired as of October 2018, reflecting an increase on the 3.22 GW recorded for this period of 2017.

As of this month, there have been 59 new renewable energy deals signed by US companies, indicating the most first-time buyers in a single year.

The largest of the projects include the 315 MW Power Purchase Agreement, signed by Microsoft and sPower for two solar farms in Virginia, and the 300 MW of wind energy from a renewable project in Texas, provided by AT&T.

“For 2018 specifically, there are two key driving factors behind the growth in corporate renewable energy procurement,” said Kevin Haley, a Program Manager at the Business Renewables Center, who spoke to me via email.

“First, companies continue to see renewable energy as good for business and are doubling down on renewable energy and carbon emissions commitments. As companies have announced these public commitments over the past few years, the energy and sustainability teams inside the companies have been working to meet those goals which are now resulting in new renewable energy deals.

“Second, the process for procuring renewables has become better understood. While just 4 companies had completed deals prior to 2013, now more than 75 companies have completed deals and shared best practices on how to streamline and accelerate their procurement efforts.”

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