Commercial, Solar, Sourcing Renewables - September 18, 2019
Johns Hopkins, McCormick, TJX sign mega aggregation deal
Johns Hopkins University; McCormick & Company, and The TJX Companies, Inc., have joined together in a 15-year aggregation agreement to purchase the renewable power and project-specific RECs from the Skipjack Solar Center, a 175-MW solar plant being developed in Charles City County, Va.
Each of the three customers will use Constellation’s Offsite Renewables (CORe) retail power product, which increases access to renewable energy for commercial customers by removing the significant hurdles that accompany traditional offsite PPAs, according to a statement from Constellation. As part of this transaction, Constellation will purchase energy and RECs from the Skipjack Solar Center and will then sell the power and project-specific RECs to the customers. Skipjack will be built and operated by SPower; the project is expected to come online in 2021.
Appearing exclusively at the Smart Energy Decisions Renewable Energy Sourcing Forum in Ponte Vedra Beach, Fla. on September 18, Ben Chadwick, executive director of renewables origination, Constellation Energy, announced the agreement and described the company’s efforts to simplify procurement of renewable energy. “We negotiated a 75-page agreement with SPower. The four retail customers are signing roughly five-page retail power agreements that convey all the benefits, both economic and sustainable, of the offsite renewable project
The Johns Hopkins University Applied Physics Laboratory, which would initially purchase only project-specific RECs, is also part of this aggregation deal, among other Johns Hopkins’ campuses in Maryland and Washington, DC.
Noting that the project represents Constellation’s second aggregation in the PJM market, Chadwick said, “I’ve never been more excited with what I’m working on and what I’m doing. People are very excited to be working on transactions like this. They are complicated, but in a fun way, and we all know we are making a difference that the world needs."
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