At LevelTen, we want important news and information concerning renewable transaction infrastructure (RTI), power purchase agreements, and new sustainability commitments to be easily accessible to everyone. Each week, we assemble the stories that matter most in our “RTI Weekly” newsletter, which you can subscribe to here. We’ve collected May’s biggest stories below.
Renewable Energy News
Biden Administration Approves Nation's First Major Offshore Wind Project
After years of local opposition, the Biden Administration has given the green light to the Vineyard Wind project, the United States' first large-scale offshore wind farm located 12 miles south of Martha's Vineyard. The 800 MW project will provide enough energy for 400,000 homes, and comes after a federal target of 30 GW of offshore wind capacity by 2030 was set in March. (Axios)
Big Oil Held to New Levels of Climate Action
On May 26th, shareholders and courts demanded major changes from oil giants: a Dutch court ordered Shell to reduce its emissions by 45%, Chevron shareholders passed a resolution forcing the company to slash its Scope 3 emissions, and Exxon shareholders, backed by BlackRock, voted to install several new board members with the intention of upping the company's decarbonization efforts. (Politico)
IEA Releases Industry-Shaking Report
The International Energy Agency has released a groundbreaking report outlining the world's narrow — but achievable — path to reaching net-zero emissions by 2050. Among the many milestones necessary to keep global temperatures from rising more than 1.5 degrees celsius above pre-industrial levels, the Agency stated that no new oil fields, gas fields, or coal mines can be approved for development beginning in 2021. (IEA)
Solar Module Prices Spike In 2021
After decreasing by 90% over the past decade, solar module prices have risen by 18% in 2021 following a quadrupling in the price of polysilicon: a key raw material for PV modules. Analysts have slightly reduced their expectations for solar buildout for the remainder of 2021, while investments in silicon manufacturing are expected to increase significantly. (BNN Bloomberg)
PPA Signings
Facebook Enters Tennessee Solar PPA
Facebook has signed a PPA with the Tennessee Valley Authority (TVA) and developer RWE to offtake 110 MW of generation from a planned 150 MW solar facility in Shelby County, Tennessee. (Energy Global)
AEP Energy Signs Indiana Solar PPA
AEP Energy has contracted with developer Doral for 480 MW of solar generation from the Mammoth Solar 1 project. (Renewables Now)
Guzman Signs Colorado Solar PPA
Wholesale power provider Guzman Energy has entered a PPA with developer Primergy Solar for the 155 MW Hesperus Solar Project in Colorado's La Plata County. (Solar Power World)
LichtBlick Enters PPAs With Several German Renewable Facilities
German renewable energy provider LichtBlick has entered into PPAs for 23 wind farms and 6 solar facilities — the subsidies for which are set to expire — which in total generate 262 GWh of clean energy annually. (presseportal.de)
Recent Sustainability Commitments
Bayer Joins Manufacture 2030, Sets New Goals
Pharmaceutical company Bayer has announced it has joined "Manufacture 2030" — a Scope 3 emissions reduction platform — and will aim to reduce Scope 1 and 2 emissions 42%, and Scope 3 emissions 12%, by 2030. (Manufacturing Global)
Whirlpool Announces Net-Zero Target
Appliance manufacturer Whirlpool has announced it will attain net-zero emissions within its plants and operations by 2030. (Environment + Energy Leader)
Bed Bath & Beyond Announces 2040 Net-Zero Goal
Home retailer Bed Bath & Beyond has made public its goal of reaching net-zero emissions by 2040. (Smart Energy Decisions)
Lilly Commits to Carbon Neutrality
Medical company Lilly has announced its commitment to reaching carbon neutrality through its Scope 1 and 2 emissions by 2030. (Lilly)
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