LONDON (Reuters) – U.S. investor Acadia Infrastructure Capital and companies including Microsoft are looking to help develop a $9 billion pipeline of renewable energy projects across the country, the project lead told Reuters.
Launching the Climate and Communities Investment Coalition (CCIC) with the technology giant as an anchor member, Acadia Vice President Brian O’Callaghan said it was also talking with companies in sectors including retail and consumer goods.
“The CCIC’s reason for being is to accelerate corporate-led renewable energy financing with real tangible benefits to local communities,” O’Callaghan said, adding it was expected to help build-out around 5 gigawatts of renewable power over five years.
The benefits could include things like supporting access to clean energy at reduced prices for low- and middle-income households, hiring local people, and supporting contractors with diverse ownership, he said.
While falling costs made renewables attractive, the CCIC would help accelerate the roll-out as many companies need to meet environmental targets and will want to access Renewable Energy Certificates (RECs) attached to the projects.
RECs can be sold to those companies looking to help green their power supply while others may buy them to offset dirty emissions in their supply chains.
“It’s just about the pace of build out. Renewable energy… will continue to expand without corporations. With corporations, the pace becomes exponential,” O’Callaghan said, adding the company investment would help attract other investment dollars.
Its recent first deal saw Matrix Renewables secure financing for a 210 megawatt solar project, backed by Microsoft.
Danielle Decatur, Director, Environmental Justice at Microsoft, added in a statement that the programme helped the company meet its goals “through high-quality renewable energy procurement”.
Yinka Bode-George, CEO of the non-profit Sustain Our Future Foundation, which is helping with the social impact, said it would “help deliver meaningful, lasting benefits to community stakeholders”.
(Reporting by Simon Jessop; Editing by Mark Potter)
