BOSTON, Nov. 21, 2024 (GLOBE NEWSWIRE) -- Today, Sustainability Roundtable, Inc.'s (SR Inc) Net Zero Consortium for Buyers (NZCB) announces Synopsys, Inc. has purchased 90 MW of solar energy from the Millers Branch Solar Facility in Haskell County, Texas. The purchase was facilitated by NZCB, whose prior aggregated procurement negotiations with the Millers Branch project made for a highly efficient contracting process that took less than three months to complete.
The agreement with Southern Power Company is a part of Synopsys' overall approach for its emissions mitigation and reduction targets, which were approved by the Science Based Targets initiative (SBTi). By working with SR Inc's NZCB, Synopsys is able to take advantage of the team's expertise to identify more cost-effective, lower-risk transactions that are required to prioritize carbon abatement procurements for renewable energy. The Millers Branch project follows Synopsys' 15MW wind offtake in an aggregated procurement through the NZCB in 2021.
"It is possible to chart a cost-effective path to Net Zero, while democratizing the financial and environmental benefits of utility scale clean energy. The NZCB's previous work with the Millers Branch project for aggregated procurements laid the foundation for Synopsys to efficiently and quickly bring new renewable energy to the grid,” said Jim Boyle, CEO of SR Inc. "This large procurement by a technology company is one that can be replicated by others, and sets a precedent for other companies whose electricity loads may be increasing drastically due to AI innovation.”
The Millers Branch solar project will develop new renewable energy capacity in the ERCOT region of Texas, where energy demands continue to increase as more large-scale computing facilities come online. The Millers Branch facility will support an important shift in ERCOT's power generation to support this electricity demand. The facility is expected to be operational in the fourth quarter of 2026.
"Synopsys continues to identify ways to lessen its environmental impact and reach our greenhouse gas emissions reduction targets. Our science-based targets include a 55% reduction of scope 1 and 2 GHG emissions by 2032,” said Erika Varga McEnroe, senior vice president and deputy general counsel at Synopsys. "Investments in the causation of new renewable energy projects like Millers Branch Solar and our operational Azure Sky wind project in Texas allow Synopsys to continue to chart progress toward our goals.”
SR Inc's NZCB platform previously brought together multiple corporate buyers for aggregated virtual power purchase agreements (VPPAs) for the renewable energy credits produced by the Millers Branch Solar Facility. This buyer-aggregated demand has contributed to SR Inc's 1 GW goal, a milestone it will accomplish by year end to cause a gigawatt of new renewable energy capacity.
To learn more about SR Inc and the NZCB platform, visit www.sustainround.com.
Sustainability Roundtable, Inc. (SR Inc):
SR Inc's Sustainable Business & Enterprise Roundtable (SBER) provides strategic advisory and support in enterprise decarbonization trusted by scores of the world's leading companies. SR Inc's Net Zero Consortium for Buyers (NZCB) is a confidential buyers' community committed to creating corporate buyer-favorable renewable energy transactions that enable participating enterprises to chart a profitable path to Net Zero emissions globally.
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