January 18 (Renewables Now) - Five major US companies have come together to arrange a virtual power purchase agreement (VPPA) with BayWa r.e. renewable energy GmbH for a portion of a 100-MW solar project in North Carolina.
The group of corporate buyers includes business news provider Bloomberg LP, communications and automotive services firm Cox Enterprises Inc and clothing and accessories retailer Gap Inc (NYSE:GPS), as well as software companies Salesforce (NASDAQ:CRM) and Workday (NASDAQ:WDAY). Together, they are known as the Corporate Renewable Energy Aggregation Group and have agreed to buy the electricity generated by a 42.5-MW portion of an unnamed solar plant in North Carolina.
These companies have agreed the transaction with guidance from renewable energy procurement platform LevelTen Energy. They say that utilising a single, shared legal counsel to negotiate the VPPA has helped to further streamline the final phases of the transaction.
“Gap Inc’s share of the project will be used to offset the energy footprint of all Athleta stores and operations,” said Chris Samway, Senior Vice President & CFO of Athleta, a B Corp certified subsidiary of Gap.