Goldman Sachs Signs Long-term PPA, Predicts Mega Renewables Growth in Europe

Goldman Sachs has signed a long-term power purchase agreement with a subsidiary of NextEra Energy Resources to build a 68-MW wind farm in Pennsylvania. The move – moving Goldman Sachs closer to its goal of using 100% renewable energy – comes at a time when the financial company is predicting serious growth of renewables in Europe for the foreseeable future.

Renewable energy accounted for the majority of new installed global energy capacity in 2016, according to the International Energy Agency, and Power Purchase Agreements by corporates in the US have totaled close to 6 GW since 2015.

Earlier this week, Goldman Sachs predicted (via The Street) that energy from renewables will be cheaper than that from fossil fuels in Europe within six years. The company estimates an average annual increase in wind and solar installations of 48% through 2036.

European politicians used the argument of the business opportunities presented by renewables to lobby for the US to remain in the Paris Climate Accord. President Trump announced he would withdraw the US from the Accord earlier this month.

 

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