Stanley to develop clean energy
Stanley Black & Decker has signed a virtual power purchase agreement (VPPA) with Engie North America, a global leader in low-carbon energy solutions, to develop new wind energy in Texas.
“Creating a more sustainable world and achieving carbon neutrality by 2030 requires a transition to renewable energy,” said Deb Geyer, corporate responsibility officer for Stanley Black & Decker.
A VPPA is a long-term contract for renewable energy between a buyer and a power project developer. VPPAs have become a strategic means for corporations to purchase wind and solar power at scale.
“This project, operational by the end of 2022, will continue to support Stanley Black & Decker’s strategy to source 100% of its U.S. and Canada electricity needs from renewable power,” said Geyer.
The VPPA will bring clean renewable energy onto the grid and ensure Stanley Black & Decker continues to address its North American electricity usage, said the firm, by delivering the equivalent of 54 megawatts of new wind power capacity or approximately 205,000 megawatt hours (MWh) of renewable electricity annually.
“What a major step toward achieving carbon neutrality across our operations by 2030,” said the company. “Among the process we can look forward to – delivering the equivalent of 54 megawatts of new wind power capacity or approximately 205,000 megawatt hours (MWh) of renewable electricity annually.”
This amount of clean energy is equivalent to avoiding the carbon emissions from more than 365 million miles driven by an average passenger car, or the annual electricity consumption of nearly 26,000 homes.
Engie is developing the new wind project in Limestone and Navarro Counties in Texas and will build, own and operate it, said the company.
“We are excited to collaborate with Stanley Black & Decker on their journey to carbon neutrality through the Limestone project,” said Dave Carroll, chief renewables officer of Engie North America.
Stanley Black & Decker said its corporate social responsibility strategy ties its purpose with the United Nations’ 2030 sustainable development goals. “The strategy focuses our efforts on three key pillars: Empowering makers, innovating with purpose, and creating a more sustainable world.”
Headquartered in Houston, clean energy solutions firm Engie said, “our team of 4,400 employees are leaders in advancing the transition to a carbon-neutral North America.”
Founded in 1843, Stanley Black & Decker, Inc., headquartered in New Britain, Conn., is a manufacturer of industrial tools and household hardware, and provider of security products.