Energy Edge Consulting recently completed negotiations on an 88 MW DC solar Power Purchase Agreement on behalf of Stanford University. This transaction helps the University become an 80% Carbon Free campus through the purchase of 100% renewable electricity, a goal it expects to achieve in 2021.
It is also the second solar transaction that Energy Edge has advised Stanford on, the first of which was completed in 2015. Energy delivered from the purchase will come from a new solar farm under development in Kings County, California.
The transaction was the culmination of a process Energy Edge led, along with the Stanford Energy & Sustainability team, to review available renewable energy sources in the California market and implement a strategy to achieve a 100% renewable energy supply portfolio in a cost-effective manner. “There are excellent opportunities in the California electricity market for forward-thinking consumers to purchase clean and cost competitive renewable energy,” said Matt Hobson, Principal of Energy Edge Consulting. “We believe large energy consumers in California should evaluate purchases like this given the evolving electricity landscape in California and the highly favorable economics for renewable energy in the state.”
California recently enacted Senate Bill 100, which increases the states Renewable Portfolio Standard to 60% by 2030, meaning 60% of all electricity consumed in the state will need to come from renewable generation sources. The law further sets a requirement for 100% of California’s electricity to come from carbon free sources by 2045. This mandate, along with continued declines in solar generation costs, is expected to lead to strong growth in the development of solar electricity in California.
Beyond California, declining costs for both solar and wind electricity as well as commitments by many large businesses and institutions to purchase 100% renewable electricity have driven growth for renewable energy. “We expect renewable energy strategy and procurement consulting services to be a growing part of our business over the next several years,” said Brian Walker, Principal of Energy Edge Consulting. “Integrating renewable electricity into a business or institution’s supply portfolio is going to become an increasingly important component of both staying cost competitive and satisfying stakeholder demands for reducing carbon footprint.”