Seven corporate buyers enter into an aggregation agreement to purchase 180 MW of solar energy through the Net Zero Consortium for Buyers

BOSTON, May 1, 2024 /PRNewswire/ — Via Sustainability Roundtable, Inc Net Zero Consortium for Buyers (NZCB), Cisco, Juniper Networks, Bio-Rad Labs, Cadence Design Systems, IDEXX Laboratories, Inc., PTC, and a large healthcare company signed an Aggregate Virtual Power Purchase Agreement (VPPA) with Southern Power Company for the renewable energy credits produced by the 180 MW Phase II portion of the Millers Branch Solar Facility in Haskell County, Texaswhich is expected to be commercially operational in the second quarter of 2026.

SR Inc member customers have made the NZCB the leading transaction platform for aggregated utility-scale renewable energy procurement in North America and Europe.

The seven buyers signed VPPAs to develop new renewable energy capacity in the ERCOT region Texas via SR Inc.’s NZCB. The NZCB introduced buyer aggregated VPPAs to address a specific challenge experienced by the seven buyers in this group, as well as countless others: even after demand has been aggregated internally across their frequently rented properties, these companies relatively modest energy costs, making the independent The purchase of new sustainable energy on a utility scale is a challenge. The buyer aggregate approach democratizes access to the commercial and environmental benefits of utility-scale renewable energy by making purchasing accessible to a broader range of businesses. This aggregation is one of the largest peer-buyer organized aggregations worldwide to date.

Cisco, the global leader in security and networking technology, served as lead buyer of the Millers Branch project and will purchase renewable energy generated by a portion of 50 MW, equivalent to approximately 15% of U.S. renewable needs energy of the company. This milestone will help advance Cisco’s goal of achieving net zero across its entire value chain by 2040.

“Bringing together business buyers is a crucial approach in the transition to renewable energy as it helps bring new capacity to the electricity market and opens the market to smaller buyers,” said Andy Smith, Director, Global Energy & Sustainability, Cisco. “One of Cisco’s strategic sustainability priorities is to help accelerate the transition to clean energy, and we are proud to have played a leading role in negotiating and executing this deal in partnership with Sustainability Roundtable, Inc. and our six colleagues -businesses.”

Juniper Networks, a leader in secure, AI-Native Networking, will purchase renewable energy generated by a 40 MW portion of Millers Branch to further the company’s emissions reduction commitment. Once online, the project is expected to generate renewable electricity equivalent to approximately 70% of the company’s electricity demand in North America.

Bio-Rad Laboratories, Inc., a global leader in life science research and clinical diagnostics products, will purchase renewable energy generated by a 20 MW portion of the Millers Branch solar project, matching Bio’s projected electricity demand -Rad’s American and Canada based facilities.

Cadence, a leader in electronic system design with generative AI solutions, will purchase renewable energy generated by a 20 MW portion of Millers Branch to support the company’s commitment to investing in the health of the planet and while working towards its goal of achieving Net Zero by 2040. Once operational, Cadence’s portion of the project is expected to provide renewable energy equal to the company’s entire U.S. electrical load.

IDEXX Laboratories, Inc., a global leader in pet healthcare innovation, will purchase renewable energy generated from a 20 MW portion of Millers Branch to support its goal of becoming 100% renewable by 2030 to purchase electricity.

PTC, a provider of software for designing, creating and maintaining products, will purchase renewable energy generated from a 10 MW portion of Millers Branch, in line with the company’s emissions reduction strategy and long-term net-zero emissions goals .

Finally, a major healthcare company will purchase renewable energy generated from the remaining 20 MW portion of Millers Branch.

The announcement of this transaction means that the NZCB has achieved 86% of its turnover aim to cause a gigawatt of new renewable energy capacity before 2025. Achieving the NZCB’s gigawatt target would generate enough energy to meet the annual average electricity needs of more than 200,000 U.S. households while helping to reduce commercial Scope 2 emissions in the operations of business buyers. This transaction demonstrates how the NZCB provides a breakthrough model for commercial collaboration in creating utility-scale renewables, starting in North America And Europe.

Sustainability Roundtable, Inc. (SR Inc): SR Inc’s Sustainable Business & Enterprise Roundtable (SBER) provides strategic advice and support for business decarbonization, trusted by dozens of the world’s leading companies. SR Inc’s Net Zero Consortium for Buyers (NZCB) is a confidential buyer community committed to creating buyer-friendly renewable energy transactions that enable participating companies to chart a profitable path to global Net Zero emissions.

CONTACT: Anna Whitney[email protected]

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SOURCE Sustainability Roundtable, Inc.

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