As the world shifts towards renewable energy sources, power purchase agreements (PPAs) have become a crucial tool for businesses and organizations to secure clean energy and reduce their carbon footprints. PPAs are long-term contracts between a buyer and a seller, typically a renewable energy developer, where the buyer agrees to purchase electricity generated by the seller at a fixed price for a certain period of time.
Here is a list of some notable power purchase agreements:
1. Google`s PPA with NextEra Energy Resources – In 2019, Google signed a PPA with NextEra Energy Resources to purchase 1.6 million megawatt-hours of energy per year from wind and solar farms. This agreement will help Google reach its goal of being carbon-free by 2020.
2. Walmart`s PPA with Pattern Energy – In 2016, Walmart signed a PPA with Pattern Energy to purchase 58% of the energy generated by a wind farm in Texas. The PPA will help Walmart reach its goal of being powered by 50% renewable energy by 2025.
3. Amazon`s PPA with BayWa r.e. – In 2020, Amazon signed a PPA with BayWa r.e. to purchase 122 MW of energy from a solar farm in Illinois. This agreement will help Amazon reach its goal of being powered by 100% renewable energy by 2025.
4. Apple`s PPA with First Solar – In 2015, Apple signed a PPA with First Solar to purchase 130 MW of solar energy from a solar farm in California. This PPA will help Apple reach its goal of being powered by 100% renewable energy.
5. Microsoft`s PPA with EDP Renewables – In 2020, Microsoft signed a PPA with EDP Renewables to purchase 125 MW of energy from a wind farm in Ohio. This agreement will help Microsoft reach its goal of being carbon negative by 2030.
PPAs have proven to be a reliable way for large organizations to achieve their sustainability goals while also providing a stable source of revenue for renewable energy developers. As renewable energy becomes more competitive with traditional fossil fuels, we can expect to see more businesses and organizations turning to PPAs to power their operations.