Apple, Akamai, Etsy and Swiss Re have signed an agreement to develop two new wind and solar energy farms in Illinois and Virginia. The new projects will generate 290 MW to the PJM electric grid serving much of the Eastern United States, including areas of Virginia, Illinois, Pennsylvania, New Jersey, and Maryland. The two new projects are expected to provide enough power for 74,000 homes, and will support each of the companies' operations.
Akamai, Etsy and Swiss Re previously had limited opportunity to access large renewable energy projects in the regions covered by the 13-state PJM wholesale electric market. By collaborating with Apple, these companies were able to access wind and solar power from the new projects at competitive prices and agreement terms.
The companies stated, “collaborations like this accelerate the pace at which new renewable energy generation is built and brought online.”
"As a leader in mitigating climate risk, Swiss Re aims to reduce its carbon footprint and support renewable energy, which is why we're so happy to be part of this collaboration," said Brian Beebe, Head of Origination North America, Weather and Energy, Swiss Re Corporate Solutions.
The group, with technical assistance from 3Degrees, will collectively purchase 125 MW from a wind farm near Chicago, Illinois, and 165 MW from a solar PV project outside Fredericksburg, Virginia, which will be delivered to the electric grid covered by the PJM wholesale electric market. The projects are expected to come online over the next two years. The solar and wind projects will be developed by sPower (an AES and AIMCo company) and Geronimo Energy, respectively.
"Etsy is excited to be a part of a project that will benefit both the planet and our customers," said Rachel Glaser, Etsy Chief Financial Officer.
"We commend Apple's leadership in this collaboration between them, Akamai and Etsy. Without this group of forward-thinking companies this project would not be a reality," concluded Ryan Creamer, CEO of sPower.