Walmart in big new investment in clean energy
Walmart continues to accelerate its energy transformation strategy as it works towards its goal to be 100% powered by renewable energy by 2035.
The retail giant said it has made commitments that will enable the construction of nearly 1 gigawatt (GW) of new clean energy projects across the country. The new investments will add to Walmart’s existing portfolio of more than 600 onsite and offsite renewable energy projects already in operation or under development in more than 10 countries.
As part of the new commitments, Walmart is investing in 19 solar projects under development across the country, including 15 community solar projects, with national renewable energy provider Pivot Energy. The strategic tax equity investment will drive the construction, operation and maintenance of a diverse solar project portfolio across five states: Illinois, Colorado, Maryland, Delaware and California.
The tax equity investment from Walmart will facilitate the construction of 72 megawatts (MWdc) of community solar projects. Collectively, these projects will increase renewable energy production and reduce reliance on fossil fuels, effectively reducing greenhouse gas emissions.
In a release, Pivot said its collaboration with Walmart underlines how the retailer is stepping in to help accelerate the clean energy transition through innovative financing partnerships alongside more traditional decarbonization efforts with on and off-site renewable energy facilities.
“Our partnership with Pivot demonstrates our approach to new clean energy investments, aimed at enabling high impact, high-quality projects that drive positive outcomes,” said Frank Palladino, VP, renewable energy strategy at Walmart. “In addition to facilitating a cleaner power grid, this portfolio will help expand access to clean energy and provide direct savings on energy costs for thousands of households in the communities we serve, including low-and moderate-income communities.”
Investing in solar energy projects developed by Pivot Energy distinguishes Walmart as a pioneer in renewable energy financing. This collaboration underlines how Walmart is stepping in to help accelerate the clean energy transition through innovative financing partnerships alongside more traditional decarbonization efforts with on and off-site renewable energy facilities.
In on blog in its website, Walmart noted that, in addition to community solar, the execution of long-term renewable energy purchase agreements is key to reducing emissions and delivering more clean energy to its power grids.
“Through long-term agreements, Walmart is enabling new clean energy projects that help support local jobs, generate new tax revenue in rural communities, drive clean energy to local grids and deliver meaningful progress toward our renewable energy and emissions reduction goals,” the company stated,” stated Visha Kapadia, senior VP, energy transformation, Wamart.
Developed by NextEra Energy Resources, EDP Resouces, EDP Renewable North America and Invenergy, these solar projects represent commitments by Walmart in new regions, including our home state of Arkansas, Louisiana and Mississippi. The portfolio also includes additions to its renewable portfolio in Texas.
Once in service, these projects will add 842 MW of capacity to the grid and will support progress toward Walmart’s renewable energy goal – to be 100% powered by renewable energy by 2035 – and contribute toward its zero emissions targets.
“These new projects are in addition to the 2 GW of renewable energy projects we’ve previously helped bring in service through long-term renewable energy purchase agreements,” said Kapadia.
Walmart has also executed several clean energy agreements directly with utilities, helping add new clean energy capacity within those service areas resulting in an additional 77 MW of capacity in Louisiana, Michigan and Texas.