Apple, Akamai, Etsy and Swiss Re Collaborate to Accelerate Renewable Energy Development in Illinois and Virginia
Projects to generate 290 megawatts of clean energy, enough to power 74,000 homes
Akamai Technologies, Inc.
Aug 06, 2018, 12:00 ET
NEW YORK, Aug. 6, 2018 /PRNewswire/ -- Apple, Akamai, Etsy and Swiss Re today announced an agreement to develop two new wind and solar energy farms in Illinois and Virginia. Spearheaded by Apple, the new projects will generate 290 megawatts 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 will 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 thirteen 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. Collaborations like this accelerate the pace at which new renewable energy generation is built and brought online.
The group, with technical assistance from 3Degrees, will collectively purchase 125 megawatts from a wind farm near Chicago and 165 megawatts 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.
At Apple, we're proud to power all of our operations around the world with 100 percent renewable energy, said Lisa Jackson, Apple's Vice President of Environment, Policy and Social Initiatives. In the process, we've charted a course for other companies and organizations to purchase renewable energy and transition their own operations to greener power. The collaboration announced today shows how companies of all sizes can address climate change by coming together.
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. This agreement will help Etsy to meet our goal of powering operations with 100% renewable electricity while also innovating by paving the way for small companies to participate in the renewable energy market.
We are proud to be partnering with these corporate leaders to accelerate renewable energy adoption. For Akamai, this collaboration was critical in closing these deals; and, in conjunction with our Texas wind project signed last year, we are on target to achieve our 2020 global renewable energy goal, said Jim Benson, Akamai EVP and CFO.
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. We also hope to speed up the adoption of these clean technologies through Swiss Re Corporate Solutions' innovative insurance products, which help owners of wind and solar assets decrease cash flow uncertainty.
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, said Ryan Creamer, CEO of sPower.
As the world's largest and most trusted cloud delivery platform, Akamai makes it easier for its customers to provide the best and most secure digital experiences on any device, anytime, anywhere. Akamai's massively distributed platform is unparalleled in scale with over 200,000 servers across 130 countries, giving customers superior performance and threat protection. Akamai's portfolio of web and mobile performance, cloud security, enterprise access, and video delivery solutions are supported by exceptional customer service and 24/7 monitoring. To learn why the top financial institutions, e-commerce leaders, media & entertainment providers, and government organizations trust Akamai please visit www.akamai.com, blogs.akamai.com, or @Akamai on Twitter. For more information about Akamai's renewable energy program please visit our sustainability site.
Etsy is the global marketplace for unique and creative goods. Our mission is to keep commerce human, and we're committed to using the power of business to strengthen communities and empower people. We connect millions of buyers and sellers from nearly every country in the world. Buyers come to Etsy to be inspired and delighted by items that are crafted and curated by creative entrepreneurs. For sellers, we offer a range of tools and services that address key business needs.
Etsy was founded in 2005 and is headquartered in Brooklyn, New York.
About Swiss Re
The Swiss Re Group is one of the world's leading providers of reinsurance, insurance and other forms of insurance-based risk transfer, working to make the world more resilient. It anticipates and manages risk – from natural catastrophes to climate change, from ageing populations to cyber crime. The aim of the Swiss Re Group is to enable society to thrive and progress, creating new opportunities and solutions for its clients. Headquartered in Zurich, Switzerland, where it was founded in 1863, the Swiss Re Group operates through a network of around 80 offices globally. It is organised into three Business Units, each with a distinct strategy and set of objectives contributing to the Group's overall mission.
sPower, an AES and AIMCo company, is the largest private owner of operating solar assets in the United States. sPower owns and operates a portfolio of solar and wind assets greater than 1.3 GW and has a development pipeline of more than 10 GW. sPower is owned by a joint venture partnership between The AES Corporation (NYSE: AES), a worldwide energy company headquartered in Arlington, Virginia, and the Alberta Investment Management Corporation, one of Canada's largest and most diversified institutional investment fund managers. For more information, visit www.sPower.com.
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Lindsay T. Smith
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