Commercial, Distributed Generation, Sourcing Renewables, Wind - January 8, 2016
Bloomberg LP to purchase energy from NY wind farm
In a groundbreaking deal, the New York State Energy Research and Development Authority, or NYSERDA, announced in December that a large-scale wind project supported by New York's Renewable Portfolio Standard will sell power to corporations as opposed to the wholesale power market.
"EDP Renewables North America (EDPR NA) and Bloomberg LP entered into a voluntary agreement for Bloomberg to purchase 20 megawatts (MW) of energy annually over 20 years from the Arkwright Summit Wind Project being developed in Chautauqua County," NYSERDA said in a news release. This is reportedly the largest corporate purchase of wind power in state history.
The deal is underpinned by a long-term renewable energy credit contract NYSERDA awarded in 2014 as part of the Renewable Portfolio Standard Main Tier Program to develop the wind project.
"Bloomberg's purchase of the power from this project demonstrates that demand for long-term, fixed-price electricity exists in New York. In the future, we look forward to working with corporate customers throughout the State to help meet this demand with output from earlier-stage projects to enable greater deployment at a lower cost," NYSERDA President and CEO John Rhodes said in the release.
The power will be generated at the Arkwright Summit Wind Project, which includes 44 turbines expected to generate approximately 78 MW of power. According to NYSERDA, Bloomberg has agreed to purchase more than 25% of the energy generated by the Arkwright Summit Project.