BOSTON, May 1,
2024 /PRNewswire/ -- Through Sustainability Roundtable,
Inc.'s Net Zero Consortium for Buyers (NZCB), Cisco, Juniper
Networks, Bio-Rad Laboratories, Cadence Design
Systems, IDEXX Laboratories, Inc., PTC, and a large
healthcare company signed an aggregated virtual power purchase
agreement (VPPA) with Southern Power Company for the renewable
energy credits produced by the 180 MW Phase II portion of the
Millers Branch Solar Facility in Haskell
County, Texas, expected to achieve commercial operation in
the second quarter of 2026.
The seven buyers signed VPPAs to develop new renewable energy
capacity in the ERCOT region of Texas through SR Inc's NZCB. The NZCB
introduced buyer-aggregated VPPAs to address a distinct challenge
experienced by the seven buyers in this aggregation, as well as
countless elsewhere: even after aggregating demand internally
across their often leased real estate, these companies have
relatively modest energy loads that make the independent
procurement of new utility-scale renewable energy challenging. The
buyer-aggregated approach democratizes access to the commercial and
environmental benefits of utility-scale renewable energy by making
procurement accessible to a broader range of enterprises. This
aggregation is one of the largest peer-buyer organized aggregations
to date globally.
Cisco, the worldwide leader in security and networking
technology, served as the anchor buyer of the Millers Branch
project and will purchase renewable energy generated by a 50 MW
portion, equivalent to approximately 15% of the company's U.S.
renewable energy needs. This milestone will help advance Cisco's
goal to reach net zero across its value chain by 2040.
"Aggregating corporate buyers is a critical approach in
transitioning to renewable energy, as it helps bring new capacity
to the electricity market and opens up the market to smaller
buyers," said Andy Smith, Director,
Global Energy & Sustainability, Cisco. "One of Cisco's
strategic sustainability priorities is to help accelerate the
transition to clean energy, and we are proud to have played a
leading role in negotiating and executing this deal in partnership
with Sustainability Roundtable, Inc. and our six fellow offtaking
companies."
Juniper Networks, a leader in secure, AI-Native Networking, will
purchase renewable energy generated by a 40 MW portion of Millers
Branch in furtherance of the company's emissions reduction
commitment. Once the project is online, it is expected to generate
renewable electricity equivalent to approximately 70% of the
company's electricity demand in North America.
Bio-Rad Laboratories, Inc., a global leader in life science
research and clinical diagnostics products, will purchase renewable
energy generated by a 20 MW portion of the Millers Branch solar
project, equivalent to the projected electrical demand of Bio-Rad's
U.S. and Canada based
facilities.
Cadence, a leader in electronic systems design with generative
AI solutions, will purchase renewable energy generated by a 20 MW
portion of Millers Branch to support the company's commitment to
invest in the health of the planet while working towards its target
to achieve Net Zero by 2040. Once operational, Cadence's portion of
the project is expected to deliver renewable energy equivalent to
the company's entire U.S. electric load.
IDEXX Laboratories, Inc., a global leader in pet healthcare
innovation, will purchase renewable energy generated by a 20 MW
portion of Millers Branch, to support its goal of procuring 100%
renewable electricity by 2030.
PTC, a provider of software for designing, making,
and servicing products, will purchase renewable energy
generated by a 10 MW portion of Millers Branch, in line with the
company's emissions reductions strategy and long-term net zero
emissions goals.
Finally, a large healthcare company will purchase renewable
energy generated from the remaining 20 MW portion of Millers
Branch.
The announcement of this transaction means the NZCB has achieved
86% of its goal of causing a gigawatt of new renewable energy
capacity before 2025. Reaching the NZCB's gigawatt goal
would generate enough energy to meet the annual average electricity
needs of more than 200,000 U.S. homes while helping mitigate
commercial Scope 2 emissions across the business operations of
corporate buyers. This transaction demonstrates how the NZCB offers
a breakthrough model for commercial collaboration in causing
utility-scale renewables, beginning in North America and Europe.
Sustainability Roundtable, Inc. (SR Inc): SR Inc's
Sustainable Business & Enterprise Roundtable (SBER) provides
strategic advisory and support in enterprise decarbonization
trusted by scores of the world's leading companies. SR
Inc's Net Zero Consortium for Buyers (NZCB) is a confidential
buyers' community committed to creating corporate buyer-favorable
renewable energy transactions that enable participating enterprises
to chart a profitable path to Net Zero emissions
globally.
CONTACT: Anna Whitney,
annawhitney@sustainround.com
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SOURCE Sustainability Roundtable, Inc.