Bloomberg and EDP Renewables Announce Largest Corporate Renewable Energy Purchase on Record in the State of New York

Originally posted on edpr.com

December 3, 2015 /3BL Media/ - EDP Renewables (Euronext: EDPR), a global leader in the renewable energy sector and the world’s fourth-largest wind energy producer, today announced that it has signed a 20-year power purchase agreement with Bloomberg, the global business and financial information and news leader, for 20MW 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 Arkwright Summit Wind Project (total 79MW) in Chautauqua County, NY.  The project is expected to avoid the emissions of more than 340,500 Metric Tonnes over 20 years, the equivalent of taking more than 71,000 cars off the road.

“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.

“This agreement will benefit our company financially, but it also reflects our commitment to sustainable business practices” said 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.”

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.
“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,” said 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 demonstrates how business can contribute to the climate challenge while improving the bottom line.”

Read the full article here.