Virtual Power Purchase Agreement Supports the Creation of 150,000 MWh/Year of Clean, ‘Additional’ Solar Power for the Next Decade, Enough Renewable Energy to Power the Empire State Building for 40+ Years
Fairfield, NJ – June 26, 2024 – Transparent Energy, a leader in transacting sustainable and traditional energy products, today announced it successfully consulted for White Cap, a leading distributor of specialty construction supplies and safety products for professional contractors with approximately 450 branches across North America. As a result of the engagement, which leveraged Transparent Energy’s process efficiency, developer relationships, and transactional expertise, White Cap signed a 10-year Virtual Power Purchase Agreement (VPPA), establishing the company as the primary offtaker of a new, greenfield solar project in Lamar, TX. This new solar facility is expected to reach commercial operations in 2025, generating ~170,000 MWh of sustainable electricity per year.
The new VPPA – a financial contract that provides the project developer guaranteed funding and the primary offtaker, White Cap, with the renewable energy attributes associated with the energy produced by the project – completes a nine-month process with Transparent Energy. By marketing the opportunity to a who’s who of reputable global renewable project developers; introducing those developers to White Cap and helping the company select the right project; and negotiating and executing the final VPPA contract, Transparent Energy guided White Cap to a strategic portfolio solution while conservatively delivering over $2 million in savings.
“As the largest North American distributor of specialty construction supplies with approximately 450 locations and 10,000 employees, White Cap has a responsibility to minimize our environmental impact,” said Alan Sollenberger, CEO of White Cap. “Working with like-minded organizations such as Transparent Energy allows White Cap to make our commitment to a more sustainable future a reality.”
Added Jeremy Lo, Executive Vice President of Renewables at Transparent Energy, and senior lead in the engagement, “Renewable energy markets, including those for VPPAs, can be extremely opaque for buyers, making it hard for them to know if they are making the best purchasing decision. At Transparent Energy we specialize in helping clients make apples-to-apples comparisons on an array of renewable and traditional energy products, while also amplifying competition among suppliers of these products, so that customers get the right product for their business at the best possible price. We have appreciated the opportunity to apply our market-leading process to help White Cap identify and execute this VPPA, delivering value in the form of both price savings and product optionality in the contract.”
White Cap will contract up to 150,000 MWh annually from the Tyson Nick Solar Project, a 746-acre, 114 MW solar farm that will be located approximately 90 miles northeast of Dallas in Lamar County, TX. The project is expected to create up to 200 jobs in the area during construction and to have an annual output of approximately 170,000 MWh, enough to serve the electric needs of 15,000 households. White Cap’s total projected offtake of 1.50 billion kWh over the course of the contract is enough to power the Empire State building for over 40 years.
Wherever your organization is in its sustainability journey, whether just beginning or well on its way, Transparent Energy is here to empower you on your mission to turn strategy and insight into actionable impacts. For more information on Transparent Energy’s market leading energy advisory, sustainability, and procurement services, or to sign up for the company’s monthly market analysis, please see www.transparentedge.com or contact info@transparentedge.com.
About Transparent Energy
Transparent Energy is the go-to resource for C&I companies and institutions for renewable and traditional energy procurement and advisory services. The company’s clients include large associations and automotive, crypto mining, cultivation, data center, distribution, education, financial services, healthcare, life sciences, manufacturing, private equity, real estate (REITS and property management), retail, and technology firms. With a proven process delivered by retail energy’s most experienced professionals and state-of-the-art online auction technology, Transparent Energy has driven hundreds of millions of dollars in operational savings for clients across North America. For more information, see www.transparentedge.com.
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