AT&T-NextEra Ink Deal to Invest in Wind Farm for Clean Energy
June 18, 2018, 11:00:00 AM EDT By Zacks Equity Research, Zacks.com
AT&T Inc . T recently announced that it has signed a new power purchase agreement with NextEra Energy Resources wherein it will buy 300 megawatts (MW) of wind energy from two new wind farm projects in Wilbarger and Hardeman Counties, TX. The agreement was signed between AT&T and subsidiaries of NextEra, one of the largest wholesale generators of electric power in the United States, further expanding their partnership in the renewable energy program. AT&T also announced a scholarship fund, AT&T Wind Energy Scholarship fund, comprising a contribution of $50,000 to Texas State Technical College (TSTC), in an effort to encourage and support technical students in counties with AT&T-backed wind farms.
Early this year, AT&T had announced its partnership with NextEra in a joint renewable energy venture in a bid to support low carbon economy and back two wind energy centers in Webb and Duval Counties, TX and Caddo County, OK. These agreements combined will enable the delivery of 820 MW of power in total, constituting one of the largest corporate renewable energy purchases in the United States. The project is expected to cut total greenhouse gas emissions equivalent to reducing the number of cars on the road by roughly 530,000 per year. The primary goal of this project is to develop technology capable of saving 10 times more carbon in its operational footprint by 2025.
The project also focuses on financially assisting students of counties namely, Webb, Duval, Wilbarger and Hardeman Counties with scholarship, providing a degree in wind energy from TSTC.
Apart from a low carbon environment, the $350 million dollar project also looks forward to the various positive externalities that will benefit the local community. Thousands of homes will have electricity round the year, about 1,000 construction jobs will be made available, and an estimated flow of nearly $190 million in property tax revenues for local communities, and more than $167 million in lease payments to landowners will be enabled.
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