Recurrent signs bundled VPPA for 100-MW solar project in Texas

Recurrent Energy LLC, a unit of Canadian Solar Inc (NASDAQ:CSIQ), has sealed an aggregated virtual power purchase agreement (VPPA) covering the output of a 100-MW solar project under development in Texas.

The photovoltaic (PV) farm is planned to go online in 2024 and will be able of generating enough electricity for about 15,000 homes per year, Recurrent Energy said on Monday.

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The group of power off-takers includes technology group Merck KGaA’s EMD Electronics, biotech firm Biogen Inc, e-commerce company Wayfair Inc and software developer Autodesk Inc. The list also includes an unspecified large healthcare company.

The companies’ power purchasing commitment is tied to the Liberty Solar project in Texas’ Liberty County, around 50 miles (80.5 km) from Houston. All of them have signed 16-year contracts to back their climate goals. The largest portion of the output, from 40 MW of Liberty Solar’s capacity, will go to EMD Electronics, while Biogen and Wayfair will get power from 20 MW and 15 MW, respectively.

“This agreement will serve as a model for corporate procurement, further expanding the number of companies with robust credit ratings to make more renewable energy projects possible,” said Shawn Qu, CEO of Canadian Solar said.