Onshore renewables

The renewable energy procurement trend in the US

18 December 2019

The corporate energy market is booming across the US, not least because corporates are signing up to renewable energy PPAs.

The key to continuing the success of the PPAs, is the ability to match this growing demand for green energy to projects that can deliver reliable, cost effective power.

A growing market

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 20171positioning 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.

 

GIG PPAs in the US

The green energy market is booming across the US, not least because corporates are signing up to renewable energy PPAs.

"The GIG team in North America will continue to develop and expand our project pipeline and seek to partner with utilities and corporate clients with an interest in acquiring renewable energy assets or low-cost renewable energy.”

Chris Archer
Head of Green Investment Group, Americas

Key numbers

700+ MW

of solar energy backed by PPAs across the US by GIG

10 GW

pipeline of renewable energy development projects in the US

20 GW

pipeline of renewable energy development projects globally

Through its US platform and partnerships, GIG has commercialized over one GW of new renewable energy projects, including; 

109 MW

solar energy PPA with Oxy Low Carbon Ventures, LLC. a subsidiary of Occidental, through the Core Solar partnership

2x 75 MW

solar energy PPAs with Central Electric Power Cooperative Inc. through the Savion platform

95 GW

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 Savion*, 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 renewables^, a utility scale developer of solar and storage projects with a development pipeline of 1.5 GW and Core Solar^, an Austin based US developer with a development pipeline of 2 GW.

* Savion is a Green Investment Group owned company operating on a stand alone basis.

^ Candela Renewables and Core Solar work under a joint venture basis with Green Investment Group.

1 https://about.bnef.com/blog/corporate-clean-energy-buying-surged-new-record-2018/


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