Iron Mountain Drives Renewable Energy Goals for Global Electricity Use in 2018 through Partnerships with NextEra Energy Resources
Iron Mountain Incorporated™ (NYSE: IRM), the global leader in storage and information management services, today announced the signing of a 15-year power purchase agreement (PPA) with an affiliate of NextEra Energy Resources, LLC, for 145 megawatts (MW) of new wind energy from the Pretty Prairie Wind Farm, located in Reno County, KS. With this agreement, coupled with other recent green power purchases, Iron Mountain expects to exceed 75 percent global renewable electricity usage in 2018, and move the company closer to its goal of 100 percent renewable power by 2050.
Iron Mountain worked with Schneider Electric Energy & Sustainability Services to identify and evaluate projects and arrange the deal.
"Renewable energy has become a key strategic component in how we manage electricity usage throughout our global real estate portfolio," said Kevin Hagen, vice president of Environmental Social and Governance Strategy, Iron Mountain. "This agreement with NextEra Energy Resources is a critical next step towards achieving our goals for utilizing renewable energy for 100 percent of our global portfolio. What is especially exciting is that, with this agreement and the achievement of other milestones, 100 percent of our data center business now operates on renewable electricity. When you consider the sheer amount of electricity required to power our entire operational portfolio, it's truly remarkable to hit these goals in a 'business-positive' manner that leverages renewable energy to help us reduce utility expenses, stabilize rates and reduce the business risks associated with fossil fuels."
NextEra Energy Resources is the world's largest generator of renewable energy from the wind and the sun. The company currently operates more than 14,000 MW of wind power and is continually expanding its renewable energy portfolio.
NextEra Energy Resources will build, own, and operate the Pretty Prairie project, with Iron Mountain purchasing a portion of the electricity it generates. When completed, Iron Mountain's portion of the project will generate enough clean, renewable electricity to power the equivalent of 56,000 U.S. homes and will reduce fossil fuel emissions equivalent to removing more than 101,000 cars from the road annually.
"We are excited to partner with Iron Mountain to help the company achieve its next milestone along its renewable energy journey," said John Di Donato, vice president of Development for NextEra Energy Resources. "The Pretty Prairie Wind project will not only help advance Iron Mountain's renewable energy goals, it will help drive the local economy forward, creating good jobs, millions of dollars in landowner payments, and additional revenue for the community to enhance roads, schools, and other essential services."
The project should create more than 250 jobs during construction, which typically lasts between six and nine months. Once operational, by the end of 2019, Pretty Prairie Wind is expected create between 15-20 full-time jobs. Over its first 30 years in operation, the project will generate an estimated $50 million in payments to local landowners, as well as millions of dollars in additional tax revenue to the local community.
Iron Mountain is committed to environmental responsibility. Following the execution of its first North American PPA in 2016, it has expanded its focus to pursue global renewable energy opportunities across its operational and real estate portfolio. The company recently announced that its operations in Belgium, Ireland, the Netherlands and the United Kingdom have reached the goal of 100 percent renewable energy usage. Earlier this year, the company joined the RE100, formally committing to achieve 100 percent renewable power by 2050.
Additionally, Iron Mountain also agreed to set aggressive science-based targets for carbon reduction in alignment with the objectives of the Paris Climate Accord, and is active in several organizations, including BSR's Future of Internet Power, the Renewable Energy Buyers Alliance and RMI's Business Renewables Center. This latest power purchase agreement further demonstrates the ability to use business as a solution to climate challenges and benefit stakeholders; of note, the 75 percent utilization mark includes the entirety of Iron Mountain's data center operations.
"This deal is further proof that scaling up renewable energy is achievable and cost-effective for global companies of all sizes," said Marty Spitzer, Senior Director of Renewable Energy at World Wildlife Fund. "With the help of the Renewable Energy Buyers Alliance, buyers like Iron Mountain have switched into high gear on their journey toward 100 percent renewable energy and are reducing emissions in line with the urgency of the climate challenge."
Iron Mountain Incorporated. Press release - Iron Mountain Drives Renewable Energy Goals for Global Electricity Use in 2018 through Partnerships with NextEra Energy Resources. URL: http://www.ironmountain.com/about-us/news-events/news-categories/press-releases/.... [Date Accessed: 17/10/2018].
Business & Finance
- Agreement signed with Chinese company CGNEI to sell 100% of solar plants Nova Olinda (292 MW) and Lapa (158 MW) as well as the 90 MW Cristalândia wind farm
- The transaction is aimed at freeing up resources that can finance Enel’s further renewable development in Brazil, while the company will continue O&M activities on the assets sold
- Closing of the deal expected by 1Q 2019
Business & Finance
Watson Farley & Williams (“WFW”) advised Banco Santander, S.A. and Banco Santander S.A. (Uruguay) on the project financing of the 50MW “Estrallada” wind park, in Cerro Largo, Uruguay, operational since 2015. The deal closed on 14 December 2018.
Business & Finance
- EGP closed the sale to Atlantica Yield of Enel Green Power Uruguay S.A., 100% owner of the Melowind plant
- The transaction is part of Enel’s active portfolio management strategy, rotating assets to finance growth in strategic areas
Business & Finance
The Vientos Patagónicos wind farm will entail a total investment of approximately USD 22 million by the Vientos Patagónicos SpA power company