Exxon Mobil has been looking to buy renewable energy for delivery in Texas, according to people familiar with the matter.
The largest U.S. oil company sent out a request for proposals with a June 8 deadline, inviting solar or wind power suppliers to pitch contracts that would last 12, 15 or 20 years, according to a document obtained by Bloomberg and people with knowledge who asked not to be named discussing confidential matters. Exxon, based in Irving, Texas, is seeking at least 100 megawatts and would consider proposals for more than 250 megawatts.
“I have never seen an oil and gas company doing a corporate PPA anywhere near that size,” said Kyle Harrison, a New York-based analyst at Bloomberg NEF, referring to the power-purchase agreements used to buy electricity. “If you’re seeing the biggest oil and gas companies going out and making investments in clean energy, it shows that renewables are cost-competitive. This can be a way for them to show a commitment to sustainability without suffering economically.”
Source: Energy Mix Report