Commercial, Energy Efficiency, Commercial, Finance, Sourcing Renewables, Wind - July 25, 2016
Target will power 60 stores with energy from Texas wind farm
The retailer announced July 21 it agreed to purchase a portion of the electricity generated by Starwood's 211-MW Stephens Ranch Wind Project in Texas. Target said in a blog post on its website that the 40 MW it agreed to purchase from the project will offset 100% of the energy used at 60 of its Target stores in the Lone Star State.
"At Target, we’re always on the lookout for sustainable ways to operate our facilities,” John Leisen, a vice president of property management atTarget said in the post. "We’re thrilled to make our start with wind power in Texas, a leading market for wind energy. As we learn from this project, we’ll also be looking across the country for more opportunities to get involved in renewable energy projects in communities where we do business.”
The Stephens Ranch wind farm comprises 118 wind turbines that span 47,000 acres of land near Lubbock, Texas, and represents the first of two project phases totaling 376 megawatts in size. Starwood Energy is a private equity firm that specializes in energy infrastructure.
"We are delighted to partner with Target on this renewable energy infrastructure project," Himanshu Saxena, senior managing director and co-head of Starwood Energy Group said in the post. "We are pleased to see corporations such as Target becoming a key driver of supporting renewable energy projects."
The new wind power partnership complements Target's other initiatives around the environment that include not just renewable energy sourcing but also energy efficiency. The company noted its recognition by the U.S. EPA's Energy Star program. According to the blog post, 76% of Target's buildings are Energy Star certified; by 2020, Target hopes to increase that percentage to 80%.