May 1, 2024
BOSTON, May 1, 2024 — Through Sustainability Roundtable, Inc.’s Net Zero Consortium for Buyers (NZCB), Cisco, Juniper Networks, Bio-Rad Laboratories, Cadence Design Systems, IDEXX Laboratories, Inc., PTC, and a large healthcare company signed an aggregated virtual power purchase agreement (VPPA) with Southern Power Company for the renewable energy credits produced by the 180 MW Phase II portion of the Millers Branch Solar Facility in Haskell County, Texas, expected to achieve commercial operation in the second quarter of 2026.
The seven buyers signed VPPAs to develop new renewable energy capacity in the ERCOT region of Texas through SR Inc’s NZCB. The NZCB introduced buyer-aggregated VPPAs to address a distinct challenge experienced by the seven buyers in this aggregation, as well as countless elsewhere: even after aggregating demand internally across their often leased real estate, these companies have relatively modest energy loads that make the independent procurement of new utility-scale renewable energy challenging. The buyer-aggregated approach democratizes access to the commercial and environmental benefits of utility-scale renewable energy by making procurement accessible to a broader range of enterprises. This aggregation is one of the largest peer-buyer organized aggregations to date globally.
Cisco, the worldwide leader in security and networking technology, served as the anchor buyer of the Millers Branch project and will purchase renewable energy generated by a 50 MW portion, equivalent to approximately 15% of the company’s U.S. renewable energy needs. This milestone will help advance Cisco’s goal to reach net zero across its value chain by 2040.
“Aggregating corporate buyers is a critical approach in transitioning to renewable energy, as it helps bring new capacity to the electricity market and opens up the market to smaller buyers,” said Andy Smith, Director, Global Energy & Sustainability, Cisco. “One of Cisco’s strategic sustainability priorities is to help accelerate the transition to clean energy, and we are proud to have played a leading role in negotiating and executing this deal in partnership with Sustainability Roundtable, Inc. and our six fellow offtaking companies.”
Juniper Networks, a leader in secure, AI-Native Networking, will purchase renewable energy generated by a 40 MW portion of Millers Branch in furtherance of the company’s emissions reduction commitment. Once the project is online, it is expected to generate renewable electricity equivalent to approximately 70% of the company’s electricity demand in North America.
Bio-Rad Laboratories, Inc., a global leader in life science research and clinical diagnostics products, will purchase renewable energy generated by a 20 MW portion of the Millers Branch solar project, equivalent to the projected electrical demand of Bio-Rad’s U.S. and Canada based facilities.
Cadence, a leader in electronic systems design with generative AI solutions, will purchase renewable energy generated by a 20 MW portion of Millers Branch to support the company’s commitment to invest in the health of the planet while working towards its target to achieve Net Zero by 2040. Once operational, Cadence’s portion of the project is expected to deliver renewable energy equivalent to the company’s entire U.S. electric load.
IDEXX Laboratories, Inc., a global leader in pet healthcare innovation, will purchase renewable energy generated by a 20 MW portion of Millers Branch, to support its goal of procuring 100% renewable electricity by 2030.
PTC, a provider of software for designing, making, and maintaining products, will purchase renewable energy generated by a 10 MW portion of Millers Branch, in line with the company’s emissions reductions strategy and long-term net zero emissions goals.
Finally, a large healthcare company will purchase renewable energy generated from the remaining 20 MW portion of Millers Branch.
The announcement of this transaction means the NZCB has achieved 86% of its goal of causing a gigawatt of new renewable energy capacity before 2025. Reaching NZCB’s gigawatt goal would generate enough energy to meet the annual average electricity needs of more than 200,000 U.S. homes while helping mitigate commercial Scope 2 emissions across the business operations of corporate buyers. This transaction demonstrates how the NZCB offers a breakthrough model for commercial collaboration in causing utility-scale renewables, beginning in North America and Europe.
Sustainability Roundtable, Inc. (SR Inc): SR Inc’s Sustainable Business & Enterprise Roundtable (SBER), provides strategic advisory and support in enterprise decarbonization trusted by scores of the world’s leading companies. SR Inc’s Net Zero Consortium for Buyers (NZCB) is a confidential buyers’ community committed to creating corporate buyer-favorable renewable energy transactions that enable participating enterprises to chart a profitable path to Net Zero emissions globally. SR Inc Member-Clients have made the NZCB the leading platform for corporate aggregated procurements through VPPAs in North America and Europe.
