Page Contents
A Pivot Energy solar project.
Pivot Energy announced it is developing six community solar projects in Illinois, totaling 33 MWDC, with Tapestry, a house of iconic accessories and lifestyle brands consisting of Coach, Kate Spade and Stuart Weitzman. Tapestry has committed to purchasing 15 years of Impact Renewable Energy Credits (RECs) produced by the projects, which will produce more than 50,000 MWh per year with a total estimated 750,000 MWh over the course of 15 years. Additionally, the two companies will invest $2,000 per MW built, or $66,000 total, in local community organizations.
What makes this project unique is the multifaceted opportunity to create measurable impact growth of solar energy. Traditional REC purchases typically come from existing wind farms, while Impact REC agreements are structured to put clean energy resources in areas primed to build new solar resources, while simultaneously investing in local communities. In Pivot and Tapestry’s case, the impact is three-fold — new clean energy, community investments and energy burden relief.
The additional solar projects made possible by Tapestry’s Impact REC agreement are being strategically developed in locations with few solar resources. By constructing new renewable energy projects in areas that use a larger percentage of fossil fuels, the impact of avoided pollution can be even greater.
The donations tied to each MW constructed will go to local nonprofit organizations focused on equitable workforce development within the renewable energy sector. These organizations provide training to underrepresented groups that live in the counties where the projects will be built.
“At Tapestry, we know that sustainability is a business imperative. As part of our 2025 corporate responsibility goals, we committed to procuring 100% renewable electricity in our own stores, offices and fulfillment centers globally by 2025,” said Logan Duran, VP, ESG and Sustainability at Tapestry. “We also recognize the power of partnerships to drive meaningful change in key environmental and social areas which is why we are thrilled to join with Pivot Energy in implementing these projects in Illinois.”
The new community solar projects aim to reduce local residents’ and businesses’ electricity bills for 20 years and help ensure a stable market for renewable energy production. Tapestry’s financial commitment is a significant catalyst for expanding solar in these communities, allowing the projects to move forward without relying on traditional programs, which often have limited capacity for expansion. These community solar projects are set to come online and begin delivering clean energy in early 2025.
“Pivot’s partnership with Tapestry is a perfect example of how companies can advance renewable energy solutions for their own sustainability goals, while creating additional opportunities for renewable energy production in the future,” said Josh Levy, Director of Offsite Solutions with Pivot Energy. “Tapestry is a model for the fashion industry and its consumers for environmentally-friendly solutions.”
Similar Products In The Category
