Why Salesforce, Gap, Bloomberg, and others are teaming up to buy solar

Published onJanuary 24, 2019

It sounds like the opening line of a sustainable businesses nerd joke: Bloomberg, Salesforce, Gap Inc., Cox Enterprises, and Workday walked into a solar purchasing agreement together. But this is actually something that is happening: The five companies have teamed up to collectively act as the anchor tenant of a new 100-megawatt solar project in North Carolina. They’ll be able to use the shared solar to offset the energy use of some of their own operations across the country, and the purchase will help increase the share of clean energy flowing through the local grid. New renewable energy projects, like a solar farm of this scale, generally need the backing of a large company to provide both the demand for the energy and the funding. Google and Apple, for instance, have both backed large solar developments across the country in order to meet their respective goals of reaching 100% renewably powered operations. It’s often more difficult for smaller companies to fund and access smaller amounts of renewable energy. But in recent years, a handful of companies–like the five above–have teamed up to collectively purchase renewable energy. This model, called energy aggregation, lowers costs for purchasers, and allows smaller companies with more minimal energy needs to participate in the clean energy market.

Source: https://www.fastcompany.com/90292875/why-salesforce-gap-bloomberg-and-others-are-teaming-up-to-buy-solar