US-based investor Acadia Infrastructure Capital, alongside companies such as Microsoft, is spearheading a $9bn initiative to develop renewable energy projects across the US, as reported by Reuters.
The Climate and Communities Investment Coalition (CCIC), launched with Microsoft as an anchor member, aims to accelerate corporate-led renewable energy financing, according to Acadia vice-president Brian O'Callaghan.
The CCIC is expected to facilitate the development of 5GW of renewable power up to 2029.
The initiative will focus on delivering tangible benefits to local communities, such as providing access to clean energy at reduced prices for low and middle-income households, hiring local workers and supporting contractors with diverse ownership.
O'Callaghan stated: "The CCIC's reason for being is to accelerate corporate-led renewable energy financing with real tangible benefits to local communities.
"It's just about the pace of build-out. Renewable energy... will continue to expand without corporations. With corporations, the pace becomes exponential."
O'Callaghan highlighted that while the declining costs of renewables make them attractive, the CCIC will expedite their roll-out.
The company investment is expected to attract additional investment dollars.
Many companies are keen to meet environmental targets and access renewable energy certificates (RECs) linked to these projects.
RECs are valuable for companies looking to green their power supply or offset emissions in their supply chains.
The first deal under this initiative saw Matrix Renewables secure financing for a 210MW solar project, backed by Microsoft.
Danielle Decatur, director of environmental justice at Microsoft, mentioned that the programme aids the company in achieving its goals "through high-quality renewable energy procurement."
Yinka Bode-George, CEO of the non-profit Sustain Our Future Foundation, which is assisting with social impact, noted that it would "help deliver meaningful, lasting benefits to community stakeholders."
In a related development, Microsoft recently signed a 20-year power purchase agreement with Constellation Energy to support the restart of a unit at the Three Mile Island nuclear plant in Pennsylvania.
Microsoft will purchase energy from Three Mile Island to power its data centres in the state.
