EDP Renewables (EDPR) has secured a 20-year power purchase agreement from Bloomberg LP, a global business and financial information company, for 20 MW of wind power that will be used to offset the energy use of Bloomberg's New York offices.
According to the New York State Energy Research and Development Authority (NYSERDA), the deal is the largest wind energy purchase by a corporation on record in New York State.
Specifically, Bloomberg has agreed to buy over 25% of the energy generated by the 79 MW Arkwright Summit wind project in Chautauqua County, N.Y. The project will feature 44 wind turbines.
"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," says Joao Manso Neto, CEO of EDPR.
The Arkwright Summit 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 five years as part of the Sierra Club's Beyond Coal campaign, in partnership with Bloomberg Philanthropies.
"This agreement will benefit our company financially, but it also reflects our commitment to sustainable business practices," says Michael R. Bloomberg, founder of Bloomberg LP. "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."
Coupled with previously announced renewable energy projects, Bloomberg will power 51% of its New York State energy needs from clean energy sources once the Arkwright Summit project is complete.
"Bloomberg is aggressively looking for cleanÂ energy projects that make good business sense – projects that reduce costs, diversify energy supply and have a positive environmental impact," says Curtis Ravenel, Bloomberg's global head of sustainable business and finance. "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 [this agreement] demonstrates how business can contribute to the climate challenge while improving the bottom line."
NYSERDA notes the wind project is supported by the state's Renewable Portfolio Standard (RPS) Main Tier Program. According to the agency, New York realizes $3 in economic benefits for every dollar invested in the RPS Main Tier projects.
"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," says John B. Rhodes, NYSERDA's president and CEO. "With our support, the development of the Arkwright Summit wind farm will help ensure New York achieves its 50 percent by 2030 renewable energy goals."