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Texas Is the Center of the Global Corporate Renewable Energy Market

The global market for corporate renewable energy deals surged again in 2019, reaching 19.5 gigawatts of new contracts, up 40 percent over the previous record year of 2018, according to new figures from Bloomberg New Energy Finance.

There are lots of ways to explain the market’s stunning growth, but start with this: Big corporations love cheap renewable power, and Texas has it in abundance.

Corporate deals were signed in 23 countries last year, but the U.S. accounted for virtually all of the market’s growth. Contracted capacity rose only modestly in Europe; it shrank a bit in the Asian market. Within the U.S., Texas continued its reign, accounting for 5.5 gigawatts of last year’s deals. That’s more than Europe and Asia combined.

An interesting wrinkle in Texas’ white-hot corporate renewables market is growing demand from oil and gas producers. ExxonMobil kick-started the trend in late 2018, signing up for 500 megawatts of wind and solar power in West Texas’ Permian Basin.

While big technology companies such as Google and Facebook continue to drive the overall corporate renewables market, a number of oil companies have piled on this year, including ExxonMobil, Occidental Petroleum and Energy Transfer Partners.

Another tailwind is the proliferation of clean energy targets being made by companies around the world, both large and small. More than 60 new companies committed to achieving 100 percent clean electricity last year, bringing the total to more than 220.

“These are long-term commitments. A lot of tech companies, for example, even if they’ve already reached their goals, their electricity demand continues to grow as they continue to build factories and data centers.”

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