US retailer Target Corporation (NYSE:TGT) on Wednesday pledged to source 100% of its electricity from renewable sources by 2030 and unveiled the signing of off-take contracts tied to a couple of wind and solar projects.
US independent power company Leeward Renewable Energy LLC said in a statement it has struck a virtual power purchase agreement (VPPA) with Target for the output of the 79.4-MW Lone Tree wind farm, to be built in Bureau County, Illinois.
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This project is seen to enter the construction phase in the autumn of 2019 and be finalised in December 2020. It will be executed near Leeward’s existing 54-MW Crescent Ridge wind farm.
At the same time, Target has inked a 15-year PPA with Engie North America Inc for 89 MW of capacity from the 200-MW Sand Fork solar park in Texas. The remainder of the plant’s capacity will be bought by another corporate customer, Engie said in a separate statement.
The Sand Fork project is expected to be completed in the summer of 2021.
Target noted that its newly announced 100% renewables goal applies to all of the company’s domestic operations, including the activities of its stores, distribution centres and offices. There is an interim objective of sourcing 60% of the firm’s electricity from renewables by 2025. The retailer pointed out that the contracted output of the above mentioned projects will be enough to supply 280 US Target stores a year.
The company will be investing in other wind and solar projects and is also looking to have rooftop solar installation at 500 of its locations by 2020.
At present, renewables cover an estimated 22% of the electricity consumed at Target sites.