PepsiCo, Best Buy and other big-name corporate buyers invest in 200-MW Texas solar project
Energy solutions provider Constellation announced an agreement to help PepsiCo, McCormick & Company, Best Buy and ViacomCBS’ KTVT and KTXA TV stations power their operations with clean, renewable energy from the 200 MW Big Star Solar Project, currently under development in Bastrop County, Texas. Big Star is expected to go into commercial operation in the second quarter of 2022.
Major customer commitments resulted in Constellation’s agreement to purchase power and project-specific renewable energy certificates (RECs) equivalent to a 140 MW section of Big Star. Each customer has signed an equivalent long-term agreement with Constellation to receive energy and RECs from the Big Star project as part of their retail electricity supply contract. RWE Renewables, one of the world’s leading renewable energy companies, is building the solar project, which is expected to be commercially operational in the second quarter of 2022.
“This deal demonstrates the collective positive impact enabled by customers who share an authentic commitment to tackling climate change and reducing their respective carbon footprints,” said Jim McHugh, CEO of Constellation. “We are proud to provide a clean energy solution that helps leading companies like this take proactive steps to meet their environmental goals through renewable energy supply.”
“As one of the world’s leading renewable energy companies, we are committed to contributing to the energy transition and powering the U.S. economy,” said Silvia Ortín, CEO, Onshore Wind and PV, RWE Renewables. “Our Big Star solar facility is well placed to provide Constellation and its key commercial customers with a supply of green energy for their operations.”
To simplify purchasing, each of the customers will use the Constellation Offsite Renewables (CORe) retail power product, which increases companies’ access to new-build renewable energy projects by removing the significant hurdles associated with traditional offsite power purchase agreements (PPAs). ).
By combining CORe’s simplified contracting and aggregation process with the commitment and involvement of sustainability-focused companies such as these, Constellation can provide more customers with access to the economic and sustainability benefits of large-scale, off-site renewable energy projects. The 10-year customer agreements will take effect in 2022.
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