- Bloomberg has secured 80% of the output from EDP Renováveis’ 40-MW wind-solar hybrid park in Spain through a ten-year power purchase agreement.
- The Rabosera solar project, located near a wind farm in Zaragoza and Huesca, will generate over 14 GWh of electricity annually.
- This deal supports Bloomberg’s goal of sourcing 100% of its electricity from renewable sources by 2025 and achieving net-zero emissions by 2040.
Bloomberg, a global leader in finance, technology, and media, has reached a significant agreement with EDP Renováveis SA. The deal involves Bloomberg buying 80% of the solar power produced by EDP’s new 40-MW wind-solar hybrid park in Spain.
The agreement is a ten-year power purchase contract. Under this deal, Bloomberg will source enough energy from the Rabosera solar array to meet its total electricity needs across continental Europe. This hybrid project is next to an existing wind farm of the same name, straddling the municipalities of Luna in Zaragoza and Gurrea de Gállego in Huesca.
The Rabosera solar project is nearing completion and will generate over 14 GWh of electricity annually. This development is expected to be crucial in meeting Bloomberg’s energy needs.
Amy Springsteel, Bloomberg’s Chief Sustainability Officer, highlighted the importance of this agreement. “This new and innovative deal is a major step towards achieving our goal of sourcing 100% of our electricity from certified renewable sources by 2025,” Springsteen said. “It also supports our commitment to reach net-zero emissions by 2040.”
The deal aligns with Bloomberg’s broader sustainability targets. The company aims to reach 100% renewable energy for its European operations and achieve science-based net-zero emissions.
Meanwhile, EDP Renováveis has made substantial progress toward its own goals. The company has secured over 70% of its target for adding approximately 10 GW of renewable energy capacity by 2026.
This partnership reflects a growing trend of major corporations committing to long-term renewable energy deals. Such agreements are crucial for advancing global sustainability goals and reducing reliance on fossil fuels.
In summary, Bloomberg’s latest agreement with EDP Renováveis marks a significant step forward in both companies’ efforts to advance renewable energy. The Rabosera hybrid project is set to provide Bloomberg with a substantial portion of its European electricity needs while EDP Renováveis continues to make strides toward its capacity expansion targets.