Daily CSR
Daily CSR

Daily CSR
Daily news about corporate social responsibility, ethics and sustainability

Consortium Of Five Companies To Buy Clean Electricity


Joining hands helps these companies to make a sustainable shift.

Dailycsr.com – 13 February 2019 – Even though there is a saying that too many cooks spoil the broth, sometimes five heads are better than one. And it couldn’t be truer than when it comes to the single common concern shared by the corporate energy groups in “midmarket” level businesses.
The shares concern that these businesses face is the fear of either not procuring “enough electricity” or of not having “enough lawyers” to handle the risks involved in a “power purchase agreement”. For this very reason, five companies which have “varying levels of experience” in the field of procuring renewable energy have decided to join hands, whereby the consortium will bid for nearly fifty percent of the “generating capacity of a 100-megawatt North Carolina solar farm”.
The above mentioned collaboration goes by the name of the “Corporate Renewable Aggregation Group”, while it includes “Bloomberg and Cox Enterprises”, from the media industry, Gap Inc., from the fashion industry, as well as “Salesforce and Workday”, from the cloud software sector.
In the words of Heather Clancy:
“After evaluating several models, the companies designated a single legal representative to help negotiate a deal on their collaborative behalf. They’ve each signed onto a uniform virtual PPA contract, one that allows them to buy small portions of the solar project being developed by developer BayWa. The group was advised by the Business Council on Climate Change and the Business Renewables Center, a program run by the Rocky Mountain Institute. The relationship was facilitated by LevelTen Energy, a company that has created a platform for connecting renewable energy buyers and sellers.”
While, Bloomberg’s Head of Sustainable Business Operations, Michael Barry added:
“This transaction is a great example of a group sharing best practices, working together and showing the benefit that cross-firm collaboration can have. It also serves as an example to developers that a market exists for these projects.”
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