Keystone Development + Investment has taken the first step in transitioning its portfolio to renewable energy. Keystone has reached an 18-month agreement with ENGIE Resources LLC, a subsidiary of ENGIE North America Inc., for the purchase of energy from the Cambria wind farm in Cambria County, Pa., and renewable energy credits from unrelated sources. The purchase will match 100% of the forecasted electricity consumption for The Washington, a three-building complex in Philadelphia’s historic business district.
Renewable energy credits (REC) represent the environmental benefits of one MWh of renewable energy. Over the course of the agreement, the RECs purchased will reduce CO2 emissions by 11,875 metric tons.
“A carbon-neutral future is mission critical for today’s tenants and at Keystone, we have made a conscious effort to increase our ESG initiatives in our buildings,” says Rich Gottlieb, Keystone’s president and COO. “The Washington is a leading example of what we hope to achieve across our entire portfolio, and we’re thrilled to partner with ENGIE to achieve our collective goals.”
“We’re seeing steadily growing interest in ways that end-users can participate in the zero-carbon transition and help support renewables,” states Michael Amabile, president of Industrial Energy, which served as an advisor on the transaction.
