Businesses buying renewables at record levels

Companies have already bought a record 3.3GW of renewable energy globally so far this year, putting them on course to break last year’s 4.8GW total, according to new data.

In its latest report, Bloomberg New Energy Finance (BNEF) estimated that a further 600MW had been bought in Asia via undisclosed deals.

A total of 36 companies, government agencies and universities accounted for the 3.3GW figure which is based on disclosed energy buying contracts.

American firms AT&T and Walmart are among the latest companies to have made major renewable energy buying commitments.

‘Blueprint’ for deals

The report said the 15 clean-power deals signed globally in April will add almost 1.1 gigawatts of new wind and solar power.

Kyle Harrison, an analyst at BNEF, said that one of the reasons for the growth was that smaller companies were now more comfortable signing deals to buy renewable energy.

“There’s a blueprint now,” he explained.

“So, it’s a lot easier for other companies to do it.”

Harrison added that large companies often acted “like anchor tenants” for big renewable energy projects.

Cheapest form of energy

Projects in the United States accounted for 76% of the contracts signed so far in 2018.

Growing demand in Australia and Mexico was also highlighted as a factor.

BNEF said that renewable energy was often now the cheapest source of power in many markets

The report said Google and other big technology companies have driven the trend towards buying renewable power, but that the pool of buyers is now deepening.

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