Recurrent Energy LLC, a wholly owned subsidiary of Canadian Solar Inc., has signed an aggregated virtual power purchase agreement with EMD Electronics, Biogen Inc., Wayfair Inc., Autodesk Inc. and a large healthcare company for 100% of the production capacity of the Liberty Solar project.
Recurrent Energy is currently developing the 100 MW AC solar project in Liberty County, Texas, around 50 miles from Houston. The project is expected to be operational in 2024.
Liberty Solar will expand solar energy capacity in the Midcontinent Independent System Operator (MISO) region, which includes most of Liberty County. Solar energy currently makes up only 1% of the resource mix in MISO territory. Liberty’s project will produce enough energy to power approximately 15,000 homes annually.
“Recurrent Energy is pleased to advance one of the largest peer-buyer organized corporate virtual power purchase agreements with this consortium of customers, says Dr. Shawn Qu, chairman and CEO of Canadian Solar. “This agreement will serve as a model for corporate procurement, further expanding the number of companies with robust credit ratings to make more renewable energy projects possible.”
EMD Electronics will serve as the anchor buyer of the project, purchasing renewable energy generated by a 40 MW portion of Liberty Solar. Biogen Inc. is assuming a 20 MW portion; Wayfair, 15 MW; and Autodesk, 10 MW. A large healthcare company will purchase the remaining 15 MW portion.
The five companies were organized and supported by Sustainability Roundtable Inc.’s Net Zero Consortium for Buyers.