Recurrent Energy LLCA wholly-owned subsidiary of Canadian Solar Inc., has signed a virtual power purchase agreement with EMD Electronics, Biogen Inc., Wayfair Inc., Autodesk Inc. and a major healthcare company for 100% of Liberty Solar’s generating capacity. project.
Recurrent Energy is currently developing a 100 MW AC solar project in Liberty County, Texas, about 80 miles from Houston. The project is expected to be operational in 2024.
Liberty Solar is expanding solar capacity in the Midcontinent Independent System Operator (MISO) region, which includes most of Liberty County. Solar energy currently makes up only one percent of the MISO region’s resource mix. Liberty’s project produces enough energy to power approximately 15,000 homes annually.
“Recurrent Energy is pleased to facilitate one of the largest peer-to-peer corporate virtual power purchase agreements with this customer consortium,” said Dr. Shawn Qu, Canadian Solar’s President and CEO. “This agreement serves as a model for corporate acquisitions and further expands the number of companies with strong credit ratings to enable more renewable energy projects.”
EMD Electronics acts as the project’s anchor buyer by purchasing the renewable energy produced by Liberty Solar’s 40 MW portion. Biogen Inc. assumes 20 MW stake; Wayfair, 15MW; and Autodesk, 10 MW. A large healthcare company will buy the remaining 15 MW stake.
The five companies were organized and supported by Sustainability Roundtable Inc.’s Net Zero Consortium for Buyers.