Five major commercial companies collectively buy in to 100-MW North Carolina solar project

Bloomberg, Cox Enterprises, Gap Inc., Salesforce and Workday, with guidance from LevelTen Energy and its renewable energy procurement platform, closed 42.5 MW of a 100-MW North Carolina solar project by global renewable energy developer, service provider and wholesaler BayWa r.e. This group of companies, coming together as the Corporate Renewable Energy Aggregation Group, is the first example of companies aggregating similar, relatively small amounts of renewable energy demand to collaboratively enter into a virtual power purchase agreement (VPPA), collectively acting as the anchor tenant for a large offsite renewable energy project. The unprecedented coordination between five international businesses lays the groundwork for other corporates to procure renewable energy cooperatively, maximizing value and reducing risk.