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Posted 2 weeks ago | 2 minute read
Corporate demand fuelling clean energy projects in US
Corporate energy buyers are playing a crucial role in advancing clean energy projects in the US, according to a new report commissioned by the Clean Energy Buyers Association (CEBA).
The report, published on October 1, noted that corporate buyers signed over 100GW of clean energy deals between 2014 and 2024, which represents 41% of all clean energy capacity added to the US grid in the last decade. Without voluntary commitments from companies to purchase renewable power, many projects would face financing challenges, threatening the ability to meet rising US electricity demand.
The paper noted that projects that no longer qualify for federal tax credits are expected to experience levelized cost of energy increases exceeding 30% and while corporate procurement is already a key component of financing it is now even more crucial for ensuring new projects can get built and remain financially viable.
It also underscores the importance of virtual power purchase agreements (VPPAs), which allow companies to lock in long-term contract with renewable energy projects to buy the future electricity generated at a predetermined price. It found that VPPAs reduce the number of projects facing financial distress (defined as a negative cash flow) by 90% in MISO and PJM, and 80% in ERCOT. Renewable energy certificates (RECs) also have an impact, reducing projects in financial distress by 30% and providing additional stable revenue.
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