Groundbreaking renewables initiative
A first-of-its-kind virtual power purchase agreement will enable us to match 100% of the electricity used in our US offices and our US employees’ homes with clean energy.
WELLINGTON MANAGEMENT PARTNERS WITH ENEL GREEN POWER NORTH AMERICA TO MATCH U.S. EMPLOYEES’ OFFICE AND HOME ELECTRICITY USE WITH RENEWABLE ENERGY
- Enel Green Power North America and Wellington Management have agreed to terms for a first of its kind 10-year virtual power purchase agreement for renewable energy from the Rockhaven wind project.
- Wellington Management expects to become the first company in the world to develop a virtual power purchase agreement to match fully both its US employees’ total home and corporate electricity usage with clean energy.
Boston, July 14, 2021 – Enel Green Power North America and Wellington Management have agreed to terms for a 10-year virtual power purchase agreement (VPPA) for an 11 MW portion of the energy delivered to the grid by Enel Green Power’s Rockhaven wind project. The arrangement, which is subject to definitive agreements, covers approximately 48 GWh of wind energy annually and the associated renewable energy certificates (RECs) are equivalent to avoiding 30,000 tons of CO2 from the atmosphere each year.
Under the agreed terms, the clean energy contracted for Wellington Management is expected to equal or exceed the electricity needs for all of Wellington’s US corporate offices as well as residential electricity usage of more than 2,200 employees in the US.
Wellington Management CEO Jean Hynes said “Our collaborative research partnership with Woodwell Climate Research Center has underscored the importance of limiting carbon emissions to avoid the worst effects of climate change. We are pleased to partner with Enel Green Power on this forward-thinking initiative that will help bring enough new renewable energy online to match our US employees’ total office and home electricity usage.”
This deal represents an innovative model for corporate renewable energy buyers by enabling them to address the new, more decentralized, nature of post-COVID operations as many workers shift from office to remote work. The agreement also underscores how Wellington Management continues to move toward its goal of deploying 100% renewable energy for its corporate operations in all available markets by 2022.
“As more companies adopt long-term remote work models post-pandemic, their electricity usage will inherently shift from a centralized office to their employees’ homes. This progressive, first-of-its-kind partnership with Wellington demonstrates how businesses can evolve their sustainability planning to meet the needs of this new operational landscape,” said Georgios Papadimitriou, Head of Enel Green Power in the US and Canada.
Enel Green Power’s 140 MW Rockhaven wind project, which is currently under construction, is located in Carter and Murray Counties in Oklahoma and is expected to achieve commercial operation by the end of 2021.
Enel Green Power North America is a leading developer, long-term owner and operator of renewable energy plants in North America, with a presence in 14 US states and one Canadian province. The company operates 58 plants with a managed capacity of over 6.7 GW powered by renewable wind, geothermal and solar energy. Enel Green Power is the partner of choice for over 20 global brands and utilities looking to purchase renewable energy. Learn more at www.enelgreenpower.com/our-offer/our-partners.
Enel Green Power, within the Enel Group, is dedicated to the development and operation of renewables across the world, with a presence in Europe, the Americas, Asia, Africa and Oceania. Enel Green Power is a global leader in the green energy sector with a managed capacity of around 49 GW across a generation mix that includes wind, solar, geothermal and hydropower, and is at the forefront of integrating innovative technologies into renewable power plants.
About Wellington Management
Tracing its history to 1928, Wellington Management is one of the world’s largest independent investment management firms, serving as a trusted adviser to over 2,200 clients in more than 60 countries. The firm manages more than US$1.3 trillion for pensions, endowments and foundations, insurers, family offices, fund sponsors, global wealth managers, and other clients. As a private partnership whose only business is investment management, the firm is able to align its long-term views and interests with those of its clients. The firm offers comprehensive investment management capabilities that span nearly all segments of the global capital markets, including equity, fixed income, multi-asset, sustainable investing, and alternative strategies. With more than 800 investment professionals located in offices around the world, Wellington pairs deep multi-disciplinary research resources with independent investment teams operating in an entrepreneurial “boutique” environment. For more information about the firm or its approach to sustainable investing, please visit www.wellington.com or www.wellington.com/en/sustainable-investing/.