Google, EDPR ink 500MW solar deal

Google and EDP Renewables (EDPR) have signed a framework agreement targeting the development and installation of more than 80 distributed solar PV projects with around 500MW pf total capacity.

This is the largest corporate sponsorship for distributed generation signed between two companies in the United States, according to S&P Global and BloombergNEF (BNEF) data, in what can also become the biggest distributed generation deal closed by EDPR with a client to date.

The first solar projects will begin development in Ohio, where Google operates a data centre campus in New Albany and a Google Cloud region in Columbus.
The plants will extend to a total of six US States.

EDPR NA DG will be responsible for the development, construction, and operation of the solar PV parks, with the first projects being targeted to be operational by the end of 2024.

The portfolio will also be partially funded by Google’s acquisition of Impact Renewable Energy Certificates (RECs), an instrument that certifies that a given buyer has the rights to the environmental and social benefits of the renewable electricity produced by a renewable project.

Google began collaborations with EDPR nearly two years ago to develop a clean energy initiative that promotes energy equity and reduces energy burden under an open book transaction model – the ImpactRec.

The agreement aims to democratise access to cleaner energy, making its benefits accessible to underserved communities.

These local energy developments will also reduce electricity bills for about 25,000 low-to-moderate income families.

The beneficiaries will be identified in due course as the projects are developed.

“We are pleased to sign this framework agreement that will allow us to develop a substantial number of renewable energy projects, while taking care of underserved communities,” said EDP chief executive Miguel Stilwell d’Andrade.

“The much-needed transition to cleaner ways of producing and using energy must leave no one behind, and this partnership with Google allows us to do just that, by making electricity cleaner and more affordable to more families.”