BLOOMINGTON, IL (Dec. 7, 2022) — State Farm today announced a 50 megawatt agreement with Constellation (NASDAQ: CEG) to purchase zero-emission, renewable energy equivalent to the annual electricity use of its corporate headquarters, operations center and other facilities in Bloomington, Ill.
Through a 12-year agreement beginning in January 2025, State Farm will receive energy and renewable energy certificates (RECs) from Swift Current Energy’s Double Black Diamond Solar Project in downstate Illinois. This is made possible by a long-term agreement between Constellation and Swift Current Energy under which Constellation will purchase a portion of the energy and RECs generated by Double Black Diamond. Construction of the solar project is expected to start by the end of 2022.
In total, eight State Farm facilities in Bloomington will procure approximately 103,000 megawatt hours of energy per year from Double Black Diamond, which is expected to help the company reduce its carbon footprint by nearly 74,000 metric tons annually. This is the equivalent emissions of nearly 16,000 gasoline-powered passenger vehicles driven for one year, according to U.S. EPA greenhouse gas equivalencies.
“Being a good neighbor means caring about the communities we live and work in,” said Jenny Greminger, vice president of Administrative Services and Public Affairs, State Farm. “That is why State Farm is committed to reducing overall impact on the environment and addressing climate change through efforts to lessen its carbon footprint, reduce waste and improve energy efficiency. Today’s announcement in Illinois is just another example of State Farm’s pledge to be a good neighbor.”
State Farm will use the Constellation Offsite Renewables (CORe) product to facilitate its renewable energy transaction. CORe connects customers to the economic and sustainability benefits of large-scale, offsite renewable energy projects and is among Constellation’s suite of retail power products that help customers achieve their carbon reduction goals. Customers also have opportunities to match power usage hour-by-hour with locally produced carbon-free energy on a 24/7/365 basis.
“Through this long-term agreement, State Farm is demonstrating its commitment to combatting the climate crisis while supporting the development of a new-build renewable asset,” said Jim McHugh, chief commercial officer, Constellation. “We’re pleased to support State Farm in its sustainability journey and offer a zero-emissions energy solution that advances their carbon reduction goals.”
State Farm has set the goal of a 50 percent reduction in greenhouse gas emissions by 2030 and is getting there by taking a variety of steps to promote the creation of renewable energy generation in those markets where it has its largest operations.
Matt Birchby, co-founder and president, Swift Current Energy, said, “As the developer and long-term operator of Double Black Diamond Solar, we are delighted that State Farm’s facilities in Illinois will enjoy the benefits of locally sourced, carbon-free energy generated by the project. By purchasing power from the project, State Farm is also supporting hundreds of construction jobs in Illinois and long-term tax revenue for communities in the state.”
With an estimated total capacity of 593 megawatts, Swift Current Energy’s Double Black Diamond solar project will produce electricity sufficient to power more than 85,000 homes in Illinois. Located in downstate Sangamon and Morgan counties, the project is expected to be completed in late 2024.
Nov 21, 2024
