Tapestry and Pivot Energy’s agreement is set to produce more than 50,000 megawatt-hours (MWh) per year, with an estimated total of 750,000 MWh over the next 15 years.
The community solar projects, expected to commence clean energy delivery in early 2025, are anticipated to generate an average of 51,760 MWh of clean electricity annually, equivalent to powering over 6,000 average households in Illinois.
Go deeper with GlobalData
Additionally, the initiative is strategically developing solar projects in areas with limited existing solar resources, enabling a more significant impact on pollution reduction in regions heavily reliant on fossil fuels.
As part of this collaboration, there is a commitment to invest $2,000 per MW built, totalling $66,000, in local non-profit organisations dedicated to equitable workforce development in the renewable energy sector.
These organisations will provide training to underrepresented groups residing in the counties where the projects are located.
The community solar projects, facilitated by Tapestry’s Impact REC agreement, aim to reduce electricity bills for residents and businesses over the next two decades, ensuring a stable market for renewable energy production.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataUnlike conventional REC purchases from existing wind farms, Impact REC agreements are said to focus on establishing clean energy resources in regions conducive to building new solar facilities while concurrently contributing to local communities.
In this case, the collaboration between Pivot and Tapestry addresses three key elements – the creation of new clean energy, community investments, and relief from energy burdens.
Logan Duran, vice president of ESG and sustainability at Tapestry, emphasized the significance of sustainability in business, stating, “At Tapestry, we know that sustainability is a business imperative.”
Duran highlighted Tapestry’s commitment to procuring 100% renewable electricity in its stores, offices, and fulfilment centres globally by 2025, and underlined the power of partnerships to drive meaningful change.
Josh Levy, director of offsite solutions at Pivot Energy added: “Pivot’s partnership with Tapestry is a perfect example of how companies can advance renewable energy solutions for their own sustainability goals while creating additional opportunities for renewable energy production in the future.”
Tapestry said its financial commitment serves as a catalyst for expanding solar initiatives in these communities, allowing the projects to move forward without relying on traditional programmes with limited expansion capacity.
