Target signed three power purchase agreements (PPA) for renewable energy projects that, when completed, will bring it nearly halfway to its goal of sourcing 100% of its electricity from renewable sources by 2030.
The three projects are the Golden Buckle Solar Project, located in Texas and developed by Savion; and the Haystack Wind Project, located in Nebraska and developed by Ørsted. The third project, a separate Texas solar installation, has not yet had its details released.
The three new PPAs mark a shift in how Target procures its renewable energy. Previously, the retailer’s renewable commitments have been onsite, with 230 MW of its roughly 285 MW of solar capacity sited at its facilities.
Two of Target’s biggest suppliers, PepsiCo and Hormel Foods, also signed PPAs for energy from at least one of the newly announced projects. That fits into another Target goal of reducing greenhouse gas emissions from operations, purchased goods, and services by 30% below 2017 levels by 2030.
In April 2019, Hormel Foods said that it would aim to become 50% renewable via subscriptions to solar gardens at five manufacturing locations. It also signed a virtual purchase agreement for energy from a Nebraska wind farm.
Specific capacity figures for the two latest PV projects have not yet been released, but are likely to boost Target’s position as a top corporate solar energy buyer. Target said that the three PPAs will cover nearly one quarter of its electricity use. According to the Solar Energy Industries Association’s (SEIA) most recent Solar Means Business report, Target ranks as the 4th largest corporate purchaser of solar energy, with roughly 285 MW of PV sourced via both onsite solar and PPAs.
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