Walmart has already achieved 28% renewable energy share in its total power mix, with the overall aim for the company’s being 50% by 2030. It has now executed 46 PPAs and leases with C2 Energy Capital for solar power. (Photo Credit: C2 Energy Capital, LLC)
- Walmart and C2 Energy Capital have executed 46 PPAs and leases for solar power generation
- More than 65,000,000 kWh of clean energy produced annually by the solar installations are expected to cover some 10% to 60% of each of its store’s overall electricity use
- The projects will power its operations in 5 US states, which were not identified
One of the world’s biggest retail chains of hyper markets and departmental stores, Walmart Inc. has inked 46 power purchase agreements (PPA) and leases for solar power generation to power its operations in 5 states in the United States. Under this, it expects solar installations to produce over 65,000,000 kWh of renewable energy annually, helping cover some 10% to 60% of each of its store’s overall electricity use.
The agreements and leases were signed with C2 Energy Capital, LLC that provides capital and support services for development and construction of renewable energy and storage assets. Previously, C2 Energy Capital was contracted by Walmart to install 13 solar projects in South Carolina that have all started operations.
Walmart has pledged to have 50% of its electricity needs to come from renewable energy by 2025. According to the company’s 2019 Environmental, Social and Governance Report (ESG), it managed to reach 28% share of renewables till 2017. Based on its pipeline of solar and wind power projects, Walmart expects to source 35% of its electricity from renewables by 2020.
At the end of FY 2019, it had 2.3 billion kWh of renewable energy produced or procured by company driven projects. As of FY 2019, on-site solar installations represented 145.5 MW of solar capacity for Walmart while new signed contracts are likely to add more than 120 new installations by 2020.
Corporate procurement for solar power is a growing trend in the US, something that will only grow in the US, according to Wood Mackenzie’s January 2019 report (see Wood Mackenzie: ‘Only’ 103 GW PV In 2019). BloombergNEF also reported in 2018, at least 13.4 GW of corporate PPAs for renewable energy were signed globally placing corporates alongside utilities as biggest buyers of clean energy around the world (see Corporates Signed PPAs For 13.4 GW RE In 2018).