18 December 2019
Power purchase agreements (PPAs) are increasingly being adopted by a broad range of organizations looking to procure renewable energy in what is a growing trend across the US. PPAs uniquely meet the demands of energy users and investors by providing green, reliable, cost effective power and financial certainty over the long term.
According to BloombergNEF, 13.4 GW of clean energy contracts were signed by 121 corporations in 21 different countries in 2018, up from 6.1 GW in 20171, positioning companies alongside utilities as the biggest buyers of clean energy globally.
Green Investment Group (GIG) is at the heart of the fast-growing renewable energy PPA market in the US. In our first year operating in North America, we have arranged PPAs for over 700 MW of solar energy projects and are focused on developing new projects and connecting investors and corporates to these opportunities across the country.
The green energy market is booming across the US, not least because corporates are signing up to renewable energy PPAs.
Head of Green Investment Group, Americas
of solar energy backed by PPAs across the US by GIG
pipeline of renewable energy development projects in the US
pipeline of renewable energy development projects globally
solar energy PPA with Oxy Low Carbon Ventures, LLC. a subsidiary of Occidental, through the Core Solar partnership
solar energy PPAs with Central Electric Power Cooperative Inc. through the Savion platform
solar PPA with T-Mobile USA, Inc.
In September 2019, GIG agreed to sell two Savion-developed solar generating projects to a subsidy of Dominion Energy.
T-Mobile USA, Inc. will receive the long-term power and renewable energy credits.
GIG has created a national solar and storage platform through its engagement with development partners.
The includes Savion2, one of the largest utility-scale solar and energy storage project development companies in the US.
Savion currently has a pipeline of over 8 GW and live projects in more than 25 states across the country. Other partners include Candela renewables3, a utility scale developer of solar and storage projects with a development pipeline of 1.5 GW and Core Solar3, an Austin based US developer with a development pipeline of 2 GW.
2. Savion is a Green Investment Group owned company operating on a stand alone basis.
On 17 December 2021, the Savion business was sold to Shell New Energies US LLC. You can read more about that on the Savion website. GIG continues to invest in accelerating the transition through other projects and platforms in the US.