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

EDP Renewables, 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.

The 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 5 years as part of the Sierra Club’s Beyond Coal campaign, in partnership with Bloomberg Philanthropies.  Thanks to local, grassroots efforts, coal-fired power plants in the United States have been replaced with cleaner energy, driving down power sector emissions to their lowest level since 1994.

“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.”

“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,” said John B. Rhodes, President and CEO, New York State Energy Research and Development Authority.  “With our support the development of the Arkwright Summit Wind Farm will help ensure New York achieves its 50% by 2030 renewable energy goals.  We commend Bloomberg LP and EDPR NA for their commitment to securing a stable energy supply with long-term economic and environmental benefits to benefit all New Yorkers.

Bloomberg aims to source 35 percent of its energy from clean power sources, and reduce absolute emissions 20 percent from its 2007 baseline by 2020.

“Bloomberg has become a leading corporate buyer of renewable energy,” said Charles Esdaile, Managing Partner of Altenex, the firm that served as Bloomberg’s exclusive advisor on this transaction. “This is the largest corporate purchase of wind energy on record in New York. By completing this transaction, Bloomberg and EDP have helped to pioneer the New York market for large-scale renewable energy purchases by corporate buyers.”

Bloomberg is a founding member of the Business Renewables Center, a collaborative platform launched by the Rocky Mountain Institute. It aims to accelerate corporate renewable energy procurement and double U.S. capacity of wind and solar energy by 2025. Bloomberg is also a signatory of the Renewable Energy Buyers Principles, a set of six principles that articulate the needs of corporate renewable energy buyers. Construction of the wind farm is targeted for completion in 2017.