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April 24, 2019

Ernst & Young to fund construction of windfarms in Texas

Ernst & Young (EY) has announced that it will fund the construction of two large-scale windfarms in Texas through virtual power purchase agreements (VPPAs).

By Jack Unwin

UK-based multinational professional services group Ernst & Young (EY) has announced that it will fund the construction of two large-scale windfarms in Texas through virtual power purchase agreements (VPPAs).

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Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
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The company claims that the two windfarms, which are expected to be operational by mid-2020, will generate enough clean energy to offset the greenhouse gas emissions of its US business.

EY Americas director of environmental sustainability Leisha John said: “These agreements actively address the environmental impact of our business and will become the cornerstone of our low carbon strategy, yielding significant economic and risk mitigation benefits.

“We are proud to join other leading organizations who believe we must harness our influence and scale to drive measurable progress for our planet and future generations. We hope it will inspire others to think of innovative ways they can contribute to a more sustainable environment.”

EY Americas deputy managing partner Michael Inserra added: “Environmental sustainability is an essential component of inclusive growth and we will continue to look for ways to measure and reduce the environmental impact of our business operations.”

The company also tweeted: “Creating a sustainable environment and future generations is critical. On this Earth Day, we are proud to announce the creation of two large-scale windfarms to help us become 100% renewable by 2020.”

The windfarms will be based in Texas, the leading US state for wind power.

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Free Report
img

Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

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