Apple, Akamai, Etsy and Swiss Re today announced an agreement to develop two new wind and solar energy farms in Illinois and Virginia. Spearheaded by Apple, the new projects will generate 290 megawatts to the PJM electric grid serving much of the Eastern United States, including areas of Virginia, Illinois, Pennsylvania, New Jersey, and Maryland.
The two new projects will provide enough power for 74,000 homes, and will support each of the companies' operations.Akamai, Etsy and Swiss Re previously had limited opportunity to access large renewable energy projects in the regions covered by the thirteen state PJM wholesale electric market.
By collaborating with Apple, these companies were able to access wind and solar power from the new projects at competitive prices and agreement terms. Collaborations like this accelerate the pace at which new renewable energy generation is built and brought online.
The group, with technical assistance from 3Degrees, will collectively purchase 125 megawatts from a wind farm near Chicago and 165 megawatts from a solar PV project outside Fredericksburg, Virginia, which will be delivered to the electric grid covered by the PJM wholesale electric market. The projects are expected to come online over the next two years. The solar and wind projects will be developed by sPower (an AES and AIMCo company) and Geronimo Energy, respectively.
"At Apple, we're proud to power all of our operations around the world with 100 percent renewable energy," said Lisa Jackson, Apple's Vice President of Environment, Policy and Social Initiatives.
"In the process, we've charted a course for other companies and organizations to purchase renewable energy and transition their own operations to greener power. The collaboration announced today shows how companies of all sizes can address climate change by coming together."
""As a leader in mitigating climate risk, Swiss Re aims to reduce its carbon footprint and support renewable energy, which is why we're so happy to be part of this collaboration," said Brian Beebe, Head of Origination North America, Weather and Energy, Swiss Re Corporate Solutions.
"We also hope to speed up the adoption of these clean technologies through Swiss Re Corporate Solutions' innovative insurance products, which help owners of wind and solar assets decrease cash flow uncertainty."