EDP Renewables agree PPA with Bloomberg in New York

EDP Renewables has signed a 20-year power purchase agreement with Bloomberg for 20 MW of clean energy that will be used to offset the energy use of their New York Offices.

Bloomberg has agreed to buy over 25% of the energy generated by the 79 MW Arkwright Summit Wind Project in Chautauqua County, NY.  

The project is located less than 30 miles from the retired BPU Jamestown Coal Plant, one of more than 205 U.S. coal-fired power plants that have been retired in the past 5 years as part of the Sierra Club’s Beyond Coal campaign, in partnership with Bloomberg Philanthropies. Thanks to local, grassroots efforts, coal-fired power plants in the United States have been replaced with cleaner energy, driving down power sector emissions to their lowest level since 1994.

The project is the largest corporate renewable energy purchase on record in the State of New York and coupled with previously announced renewable energy projects Bloomberg will power 51% of its NY State energy needs from clean energy sources once the project is complete.

Altenex has served as Bloomberg’s exclusive advisor on this transaction

“We are extremely satisfied with this agreement. The fact that companies such as Bloomberg are playing such an active part in renewable energy projects is a very clear indicator that the future lies in the generation of this type of energy,” commented João Manso Neto, CEO of EDP Renewables. “To be chosen as their partners confirms the confidence of the market and companies in our delivery capacity, experience and know-how,” he added.

Michael R. Bloomberg, Founder of Bloomberg LP, stated:

“This agreement will benefit our company financially, but it also reflects our commitment to sustainable business practices. This new wind farm – just a short drive from a coal plant that Bloomberg Philanthropies helped phase out – will bring more clean energy onto the grid and power about half of our New York operations, helping to make our company one of the greenest in the state.”

Curtis Ravenel, Bloomberg’s Global Head of Sustainable Business and Finance, commented:

“Bloomberg is aggressively looking for clean  energy projects that make good business sense – projects that reduce costs, diversify energy supply and have a positive environmental impact. With this project, we’re projecting to save more than $10 million over the life of the 20-year agreement versus traditional utility prices, and demonstrates how business can contribute to the climate challenge while improving the bottom line.”

ohn B. Rhodes, President and CEO, New York State Energy Research and Development Authority, added:

“Governor Andrew M. Cuomo has championed efforts to reduce greenhouse gas emissions and combat climate change by increasing the use of renewable energy in New York. With our support the development of the Arkwright Summit Wind Farm will help ensure New York achieves its 50% by 2030 renewable energy goals.  We commend Bloomberg LP and EDPR NA for their commitment to securing a stable energy supply with long-term economic and environmental benefits to benefit all New Yorkers.“

Bloomberg is a founding member of the Business Renewables Center, a collaborative platform launched by the Rocky Mountain Institute. It aims to accelerate corporate renewable energy procurement and double U.S. capacity of wind and solar energy by 2025. Bloomberg is also a signatory of the Renewable Energy Buyers Principles, a set of six principles that articulate the needs of corporate renewable energy buyers. Construction of the wind farm is targeted for completion inc2017.