Energy Efficiency, Energy Procurement, Sourcing Renewables - April 2, 2018
Citi deal powers QTS data center
Global bank Citi announced a 10-year agreement to supply clean, renewable energy to a QTS Realty Trust data center in Irving, TX. The contract will provide renewable energy for 100% of the 54-acre, 700,000 sq. ft. data center’s power needs. The power and RECs will come from the 200-MW Flat Top wind project in central Texas and represents approximately 15% of the project’s output.
“Corporates are exploring new structures and evolving tools that provide more attractive allocations of risk among corporates, projects and intermediaries, rather than locking into high risk, long-dated power purchase agreements,” said Roxana Popovici, a managing director responsible for renewable power transactions at Citi, in a statement. “As clients like QTS look to ramp up their purchase of renewable energy, structures like the one employed in this transaction will become increasingly important and will be critical to scaling the market for renewable energy.”
“This deal will provide a renewable source of energy as well as price certainty to one of our key data centers,” said Travis Wright, Irving site director for QTS. “It also demonstrates the value that comes from the close collaboration between our energy suppliers and QTS’ commitment to sustainability across its own operations.”
This agreement contributes to Citi’s Environmental Finance Goal to support environmental solutions and accelerate the global transition to a low-carbon economy. As part of its Sustainable Progress Strategy launched in 2015, Citi announced a commitment to lend, invest and facilitate a total of $100 billion over 10 years to finance activities that reduce the impacts of climate change and create environmental solutions that benefit people and communities.
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