Bloomberg and Ørsted Enter 15-Year Agreement for Renewable Energy Purchase Power

Today, Ørsted, a prominent U.S. clean energy developer, has announced the signing of an 80MW power purchase agreement (PPA) with Bloomberg. This agreement pertains to the renewable energy generated by the Mockingbird Solar Center, a substantial 471MW project currently in construction near Paris, Texas. Marking Ørsted’s largest solar endeavor in the U.S., this project is noteworthy for incorporating conservation efforts to protect native tallgrass prairie—a first for the company.

Bloomberg is among the four corporate customers, including Covestro and Royal DSM, procuring power from the Mockingbird Solar Center. This PPA signifies full contractual commitment for the entire 471MW capacity of the Mockingbird project.

Having joined the RE100 global corporate initiative in 2016, Bloomberg committed to sourcing 100 percent of its electricity from renewable energy. In 2022 alone, the company secured 192,533 MWh of renewable energy from 11 projects, constituting 54.6 percent of Bloomberg’s global purchased electricity. The additional renewable energy from the Mockingbird Solar Center is anticipated to cover 100 percent of Bloomberg’s U.S. electricity usage and 80 percent of its global electricity usage.

Dave Wildman, Global Head of Facilities, Sustainability Ops, MEP Infrastructure at Bloomberg, expressed excitement about partnering with Ørsted to progress their RE100 target and contribute to conservation efforts. One notable aspect of the Mockingbird Solar Center is the collaboration between Ørsted and The Nature Conservancy (TNC) to preserve nearly 1,000 acres of rare, native tallgrass prairie adjacent to the project. Ørsted will donate over half of the Smiley-Woodfin National Prairie Grassland to TNC once the project is operational.

Monica Testa, Head of Origination, Americas at Ørsted, emphasized the responsible development of clean energy at the Mockingbird Solar Center, showcasing the coexistence of conservation and clean energy. She expressed pride in partnering with Bloomberg to support their sustainability goals and commended companies prioritizing the responsible development of clean energy in harmony with nature.

The conservation program is particularly impactful, given that less than one percent of the original tallgrass prairies of Texas survive today, and less than five percent remains nationally. Ørsted’s initiative with TNC represents the largest preservation effort on record for this type of native prairie, marking Ørsted’s first biodiversity initiative in the U.S.

In addition to the environmental impact, the Mockingbird Solar Center has contributed to the local economy, creating 500 jobs during peak construction and estimated to inject $215 million into the local economy over its lifespan. This project aligns with Ørsted’s existing footprint in Texas, reflecting a significant investment of over $3 billion in the state across 12 wind, solar, and storage projects.

The power purchase agreement with Ørsted is a significant step in advancing Bloomberg’s climate commitments, including science-based emissions reduction targets and a RE100 commitment to achieving 100 percent electricity from renewable sources by 2025.