Financial services provider and media company Bloomberg has entered into a 15-year power purchase agreement (PPA) with Danish renewable developer Ørsted [ORSTED:DC], as reported by ESG Today on January 22. Under the agreement, Ørsted will supply 80 megawatts (MW) of solar power to Bloomberg, sourcing from its 471-MW Mockingbird Solar Center currently under construction in Texas. Bloomberg anticipates that the additional renewable power obtained from this project will cover 100% of its electricity consumption in the US and 80% of its global electricity usage. Aside from Bloomberg, polymer manufacturer Covestro and Dutch multinational corporation Royal DSM have also purchased power from the Mockingbird Solar Center.

The PPA agreement represents a major step in Bloomberg’s pursuit of its climate objectives. The media company has joined the RE100, a global corporate initiative comprising businesses committed to generating 100% of their electricity from renewable sources. Bloomberg has set out a target to use 100% renewable electricity to power its operations by 2025. In 2022, the firm received 192,533 MWh of electricity from 11 renewable energy projects, accounting for 54.6% of its purchased electricity. The PPA agreement follows a larger deal signed between Ørsted and Meta, aiming to support the social media giant’s goals of achieving 100% renewable energy and net zero. Under the agreement, Meta will acquire the majority portion of the solar energy generated by Ørsted’s Eleven Mile Solar Center, a 300-MW solar farm with a 300-MW, four-hour battery energy storage system currently under construction in Arizona.

Sources:

https://www.esgtoday.com/bloomberg-signs-15-year-renewable-energy-deal-with-orsted/

https://us.orsted.com/news-archive/2024/01/bloomberg-and-orsted-announce-15-year-renewable-energy-purchase-power-agreement

https://us.orsted.com/news-archive/2023/12/meta-teams-up-with-srp-and-orsted-to-support-data-center-with-clean-energy-from-new-solar-and-battery-project