DENVER, Aug. 8, 2024 /PRNewswire/ -- Leading national renewable energy provider Pivot Energy, announced today a 5-year framework agreement with Microsoft to develop up to 500 megawatts (MWac) of community-scale solar energy projects across the United States between 2025 and 2029. This significant, impact-driven collaboration supports both Pivot's and Microsoft's commitment to maximize the environmental and social benefits of the renewable energy transition at the local level.
The agreement represents Pivot's largest Renewable Energy Credit (REC) agreement and most significant community impact collaboration. This also marks Microsoft's first major distributed generation portfolio and, by matching customer electricity usage with new renewable electricity generation, supports the company's goal of reducing its Scope 3 emissions by more than half by 2030.
The agreement will enable Pivot to develop approximately 150 U.S. solar projects in roughly 100 communities across 20 states, including Colorado, Maryland, Illinois, Delaware, Pennsylvania, and Ohio. Microsoft will purchase the project RECs for a 20-year term. The first projects are expected to come online before the end of 2024.
This collaboration takes Pivot's community impact commitment to a new level, with each solar project including significant community benefits. The agreement outlines four overarching community-centric initiatives that Pivot will prioritize:1) increasing the diversity of its subcontractors, 2) partnering with workforce development organizations and subcontractors to train and hire local diverse talent, 3) partnering with Sustain Our Future Foundation to invest in equitable community initiatives, and, 4) increasing the energy bill savings of the community solar projects directed to low-income subscribers.
"An economy fueled by clean, distributed energy can do more than provide power at low cost; it drives growth and success in communities across the nation. This collaboration between Pivot Energy and Microsoft exemplifies the power and impact that distributed generation can have," said Tom Hunt, CEO of Pivot Energy. "Pivot Energy is proud of our industry-leading role in developing solar projects that benefit local communities. We are honored to collaborate with Microsoft to provide purpose-driven solar energy"
"We believe the clean energy transition can and should benefit communities across the United States that have been historically excluded from economic opportunity," said Adrian Anderson, GM, Renewables, Carbon Free Energy, CDR, Microsoft. "Through our work with Pivot Energy and with its commitments to driving community impact, this collaboration helps to build more inclusive, local economic growth across 100 communities while addressing the sustainability needs and opportunities within those communities."
Over 20 years, the 500 MWac will produce more than 1 billion kilowatt hours of electricity annually, which is enough energy to power approximately 90,000 homes a year. This is equivalent to removing approximately 165,000 gas-powered passenger vehicles off the road each year.
About Pivot Energy
Pivot Energy is a renewable energy provider and independent power producer that develops, finances, builds, owns, and manages solar and energy storage projects. Pivot leverages its renewable expertise to provide a range of unique offerings that accelerate the clean energy transition by helping companies and communities attain impactful decarbonization. Pivot is a U.S.-based Certified B Corporation that proudly follows a corporate strategy aimed at providing a positive impact on society as measured by Environmental stewardship, Social leadership, and responsible Governance factors. Pivot Energy is an ECP portfolio company. Learn more at pivotenergy.net.
SOURCE Pivot Energy
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