Apple, Akamai and Swiss Re Help Accelerate Renewable Energy Development in the United States
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Swiss Re reconnected with Apple, Akamai, and Illinois Municipal Electric Agency in its support for the Green River Wind Farm (Green River) as the group celebrated the operational launch of 194 megawatt project. Located in Illinois, US, Green River began major onsite construction activities in June 2018 and entered operations at the end of 2019. The project will provide enough power for 74,000 homes, and will support each of the companies' operations, serving much of the Eastern United States.
Collaborative support behind Green River helped Akamai and Swiss Re access additional wind and solar power projects at competitive prices and agreement terms. Collaborations like this accelerate the pace at which new renewable energy generation is built and brought online.
The group will collectively purchase 125 megawatts from a wind farm near Chicago and 165 megawatts from a solar photovoltaic (PV) project outside Fredericksburg, Virginia, which will be delivered to the electric grid covering areas of Virginia, Illinois, Pennsylvania, New Jersey, and Maryland. The projects are expected to come online over the next two years. The solar and wind projects will be developed by sPower and Geronimo Energy, respectively.
"Swiss Re has been an avid supporter of sustainable business practices as an insurer as well as a global corporate citizen," said Brian Beebe, Head of Origination North America, Weather and Energy, Swiss Re Corporate Solutions. "To our employees in those areas, we provide access to 100% impactful green power by entering a long-term contract with the Green River Wind Farm. To our customers, we provide tailored insurance solutions that bring their renewables projects across the finish line."
As an operating project, Green River has begun to provide positive long-term economic impacts to the local and state communities. The project is estimated to contribute $35 million in new tax revenue and $20 million in landowner payments throughout the first 20 years of operations.
Collaborations such as Green River help Swiss Re achieve our 2030 Sustainability Ambitions – making societies more resilient to the growing risks of climate change and natural hazards, as well as evolving our way of doing business towards net-zero carbon emissions by 2050.