New York, New York, April 24, 2023 (GLOBE NEWSWIRE) -- New York, NY, April 24, 2023- Google and EDPR NA Distributed Generation LLC (EDPR NA DG), the distributed generation (DG) business unit of EDP Renewables North America (EDPR NA), are pleased to announce the signing of a framework agreement supporting more than 80 distributed solar PV projects totaling 500 MWAC. The deal aligns with an environmental justice program benefiting over 25,000 families in low-to-moderate income (LMI) communities—with an initial focus on projects in the PJM Interconnection service area, which stretches from New Jersey to Ohio. The initial projects will be built in Ohio, where Google operates a data center campus in New Albany and Google Cloud region in Columbus.
The unparalleled transaction with Google marks the largest corporate sponsorship of distributed solar development in the United States, according to data from S&P Global and BloombergNEF.
The initiative, named the Clean Energy Financial Benefit Sharing Program, will be funded, in part, through Google’s purchase of a novel renewable energy credit (REC) called the ImpactREC™.
The ImpactREC™, like other traditional RECs, is generated in and eligible for the applicable compliance market; however, its minting carries additional covenants certifying direct community investment and direct LMI benefit. The ImpactREC™ program synthetically provides similar economic benefits of community solar in jurisdictions currently lacking supportive legislation. The EDPR NA DG team, led by Christopher Rittenhouse and Adam Woda, collaborated with Google over the last two years to conceive and develop the ImpactREC™ product and its supporting framework agreement.
“What we heard through interviews with local community leaders and Environmental Justice advocates was that the disproportionate impact of high energy burden remains a primary barrier to an equitable energy transition. Partnering with EDPR NA DG, we aim to reduce energy burden in the communities where we operate, while progressing toward our 24/7 carbon-free energy goal,” said Sana Ouji, Energy Lead, Google. “We are grateful to EDPR for their partnership, collaboration and steady focus on our shared mission, and excited to have the opportunity to contribute to our data center communities by extending the benefits of our clean energy investments.”
“We’re proud to collaborate with Google on such an innovative and impactful program that speaks to our values,” added Gustavo Monteiro, EDPR NA DG Chief Executive Officer. “We are appreciative to Google for anchoring the ImpactREC™ and are looking forward to increasing participation throughout the compliance procurement community as our industry expands this product.”
In addition to the ImpactREC™ purchase, the program includes the creation of a community impact fund valued at $12 million. The fund focuses on initiatives reducing energy poverty in the communities where the projects are built. Google and EDPR NA DG are committed to localized social and economic justice as part of the transition to a sustainable future.
“The partnership with Google paves the way for the creation of a new, corporate-led, market segment focused on breaking down the typical barriers associated with the rapid, distributed, and equitable decarbonization of the energy system,” added Richard Dovere, Chief Investment Officer of EDPR NA DG. “A major feature of this partnership is its ‘open book’ approach. Over the coming weeks, we will release the blueprints to the market with the intention to make the ImpactREC™ the defining incentive methodology to enable localized renewable development linked with environmental justice.”
The initiative is made possible partly because of the Inflation Reduction Act (IRA) passed in 2022, which includes landmark tax incentives for domestic energy production and manufacturing. The ImpactREC™ leverages these incentives to provide direct investment into communities throughout the Midwest and Northeast and enable economic benefits for LMI communities.
ABOUT EDP RENEWABLES NORTH AMERICA DISTRIBUTED GENERATION:
At EDPR NA Distributed Generation (EDPR NA DG), accelerating the adoption and success of distributed generation is at the core of our mission. EDPR NA DG provides cutting-edge innovative renewable energy services to the entire North American region. Built on long-standing relationships with developers, power generators, corporate purchasers, municipalities, and local communities, EDPR NA DG delivers a full suite of offerings ranging from financing and development to construction and operation of energy and storage assets poised to scale. For more information, visit www.edprnadg.com.
EDP Renewables (Euronext: EDPR) is a global leader in the renewable energy sector and the world’s fourth-largest renewable energy producer. With a sound development pipeline, first-class assets, and market-leading operating capacity, EDPR has undergone exceptional development in recent years and is present in 29 international markets across Europe, Latin America, North America, and Asia.
ABOUT EDP RENEWABLES NORTH AMERICA:
EDP Renewables North America LLC (EDPR NA), its affiliates, and its subsidiaries develop, construct, own, and operate wind farms and solar parks throughout North America. Headquartered in Houston, Texas, with 58 wind farms, nine solar parks, and eight regional offices across North America, EDPR NA has developed more than 8,800 megawatts (MW) and operates more than 8,200 MW of onshore utility-scale renewable energy projects. With more than 950 employees, EDPR NA’s highly qualified team has a proven capacity to execute projects across the continent. For more information, visit https://www.edpr.com/north-america/.
EDP Renewables (Euronext: EDPR) is a global leader in the renewable energy sector and the world’s fourth-largest renewable energy producer. With a sound development pipeline, first-class assets, and market-leading operating capacity, EDPR has undergone exceptional development in recent years and is present in 29 international markets across Europe, Latin America, North America, and Asia.
ABOUT SOL SYSTEMS:
Sol Systems is a leading national solar energy firm with an established reputation for integrity and reliability across its development, infrastructure, and environmental commodity businesses. Sol Systems is operating and building over 1.5 GW of solar projects valued at more than $2 billion for Fortune 100 companies, municipalities, counties, utilities, universities, and schools and provides environmental commodity portfolio management services to more than 20,000 customers across the U.S. The company was founded in 2008, is based in Washington, D.C., and is led by its founder. Sol Systems works with institutional clients, corporate partners, and foundations to create a more sustainable future we can all believe in. For more information, visit https://www.solsystems.com/.
