REI Co-op and Compose[d] sign fixed-price VPPAs with Ever.green to support new solar in Texas
The fixed-price VPPAs, long-term financial contracts developed by Ever.green, will help stand up a solar project in Texas and enable REI Co-op and Compose[d] to meaningfully reduce their emissions.
REI Co-op, a specialty outdoor retailer and the nation’s largest consumer co-op, and Compose[d], a digital strategy and creative services agency, have signed fixed-price Virtual Power Purchase Agreements (VPPAs) with Ever.green, a marketplace for clean energy solutions.
"We're thrilled to work with REI and Compose[d] on their sustainability journeys," said Cris Eugster, CEO and co-founder of Ever.green. "Our fixed-price VPPA empowers companies to make a real impact on their emissions by enabling the development of new renewable energy projects, and we’re proud to have both of these innovative companies as inaugural customers."
As early Ever.green customers, REI and Compose[d] are paving the way for companies of all sizes to participate in the clean energy transition. Ever.green’s fixed-price VPPA, a forward contract to purchase Renewable Energy Certificates (RECs) from a new clean energy project, is flexible in size and length so companies can tailor it to meet their exact decarbonization goals. The fixed-price structure also simplifies budgeting for sustainability and finance teams and allows companies to stand up additional renewable energy without taking on energy market risk.
"We're working to simplify the process of sourcing renewable electricity so that every company can accelerate the transition to clean energy," said Matt Thurston, DVP of Sustainability at REI Co-op. "Ever.green's model meets our goal of providing more local and more accessible energy in each community where we operate."
Ever.green is partnering with strong local developers like Big Sun Solar to build projects. Ever.green also prioritizes projects in areas with dirtier grids, so that their customers have the most impact with their dollars spent. The solar project supported by REI and Compose[d] will be located in Texas, where the grid is still predominantly powered by fossil fuels.
“Our mission as a business, and as a Certified B Corp, is to look at how we can continually ensure that our impact grows at least in parallel with our revenue, but ideally at an even greater rate," said Jason Parkin, President & CCO of Compose[d]. "What we love about Ever.green is that they offer a solution for a small company like ours to not only purchase RECs that are leading to the creation of a new clean energy project, but doing it with an approach to emissionality which will maximize the positive climate impact that’s being made.”
Ever.green’s marketplace also brings corporate capital to renewable energy projects through transferable clean energy tax credits. Businesses are able to purchase tax credits that help finance a project, allowing them to demonstrate their commitment to sustainability while making a profit. For companies that would like to reduce their emissions, returns from tax credits can be used to lower or eliminate the cost of Ever.green’s fixed-price VPPA. For more information, visit ever.green.
About REI Co-op
REI is a specialty outdoor retailer, headquartered near Seattle. The nation’s largest consumer co-op, REI is a growing community of 21.5 million members who expect and love the best quality gear, inspiring expert classes and trips, and outstanding customer service. REI has 181 locations in 42 states and the District of Columbia. If you can’t visit a store, you can shop at REI.com, REI Outlet or the REI shopping app. REI isn’t just about gear. Adventurers can take the trip of a lifetime with REI’s active adventure travel company that runs more than 100 itineraries across the country. In many communities where REI has a presence, professionally trained instructors share their expertise by hosting beginner-to advanced-level classes and workshops about a wide range of activities. To build on the infrastructure that makes life outside possible, REI invests millions annually in hundreds of local and national nonprofits that create access to—and steward—the outdoor places that inspire us all. To learn more, visit rei.com/stewardship.
Compose[d] is a New York City-based digital strategy & creative services agency dedicated to driving positive impact. As a Certified B Corp®, they leverage their expertise to help clients effectively develop and authentically communicate their sustainability efforts, from established global brands to up-and-coming challengers across all industry verticals. To learn more, visit composedcreative.com.
Ever.green is a marketplace for clean energy solutions that empowers businesses of all sizes to participate in the clean energy transition and meet their sustainability goals. Through Ever.green, companies can commit to forward contracts for high-impact Renewable Energy Certificates (RECs) that help stand up new solar projects or purchase renewable energy tax credits and make a financial return. Ever.green's marketplace includes streamlined due diligence, filing, and compliance monitoring services to reduce risks and maximize efficiency for all parties. To learn more, visit ever.green.