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Southwire Selects Retail Provider For RECs, Contract Supports Expansion Of Texas Solar Project
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Constellation and Southwire, a manufacturer of wire & cable, tools, components, and assembled solutions, announced today that they have entered into a long-term renewable energy certificate (REC) purchase agreement through which Southwire will match approximately 33% of its annual electricity use with RECs sourced from the Rayos del Sol solar project in Cameron County, Texas.
Constellation’s approximately nine-year agreement with Southwire begins in April 2022
As a result of Southwire’s long-term commitment, Constellation has entered into a separate agreement with 174 Power Global and TotalEnergies -- co-owners of Rayos del Sol -- to support a 72-MW expansion of the project. (Constellation signed a 108-MW agreement in 2020 to supply three commercial customers via Rayos del Sol.) The expansion is expected to achieve commercial operation by April 2022.
"To simplify the purchase, Southwire will use an innovative renewable purchasing structure that builds off of another Constellation offering, Constellation Offsite Renewables (CORe) retail power product. Constellation’s CORe product enables the development of, and increases businesses’ access to, new-build renewable energy projects by removing the significant hurdles associated with traditional offsite power purchase agreements (PPAs). The structure employed for Southwire has similar benefits, but is not tied to a Constellation retail power agreement. This allows Southwire to efficiently address the needs of its decentralized locations, many of which are in fully regulated retail energy markets," Constellation said
"This innovative product structure will enable Southwire to receive renewable energy certificates (RECs) created by Rayos del Sol at a known contract price without facing the hourly settlement price associated with virtual power purchase agreements," said Mark Huston, president of Constellation’s National Retail Business.
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July 14, 2021
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Copyright 2010-21 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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