ENGIE North America Inc. today announced it has entered into a Power Purchase Agreement (PPA) with Target Corp. for 89 MW of capacity from the Sand Fork Solar Project in Texas.
Slated to come online in the summer of 2021, the Sand Fork Solar Project will have a total capacity of 200 MW. In addition to providing clean, renewable energy, the Project will have a positive economic impact in the local area, namely through local construction jobs and purchases of local goods and services. The remainder of the Project’s capacity will be purchased by another corporate customer.
The power purchase agreement has a term of 15 years and is estimated to result in annual generation of 250,000 megawatt hours, enough energy to power 250,000 U.S homes for more than a month.
“We truly value the opportunity to support Target in its commitment to source electricity from renewables [https://corporate.target.com/article/2019/06/renewable-electricity],” said Gwenaelle Avice-Huet, CEO of ENGIE North America. “By serving Target with the Sand Fork Project, we’re proud to help shape a sustainable future for customers and communities and reinforce our ambition to lead the zero-carbon transition.”
ENGIE’s ambition is to lead the zero-carbon transition based on 3 pillars: Client Solutions across a broadening array of services (including on-site co-generation, heating and cooling networks, public lighting, rooftop solar); Networks to adapt them to future green gas requirements and continue to generate attractive returns and substantial cash flow; and Renewables, with a plan to add 9 GW of renewables capacity to the Group portfolio (24 GW at the end of 2018) by 2021. In this field, ENGIE targets 50% of new renewable projects dedicated to specific customers by 2021 and to play a leading role in next-generation renewable platforms including offshore wind and green gas.
North America will be a key market to reach these ambitions both in Client Solutions and Renewables. The Sand Fork Solar Project will contribute to ENGIE’s goal to build at least 2.5 GW of wind and solar capacities in the next 3 years in the U.S. and Canada. As with the Sand Fork Project, these capacities will be dedicated to specific customers.
Source: ENGIE North America Inc.
Date: Jun 12, 2019