Swedish industrial seal manufacturer SFK has signed a 12-year Renewable Energy Certificate (REC) purchase agreement with US clean energy developer Clearway Energy Group.
Under the deal, SFK will purchase a portion of the RECs from the power developed at Clearway’s 452MW solar PV project in Kent County, Texas, US. The project is currently under construction and the deal will commence in 2026. SFK did not specify the quantity of the RECs due to change hands.
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Along with a deal for “green e-certified wind energy” to run through 2025, SFK said that the deal would enable it to offset the entirety of its emissions from its operations in the US and Canada. This forms part of its plan to decarbonise the group’s operations by 2030 and “become net zero throughout the value chain by 2050”.
RECs generated from Clearway’s solar farm will be listed with the Center for Resource Solutions (CRS). Financial details of the deal were not disclosed.
2023 was a strong year for Clearway’s renewable energy operations. In the first nine months of the year, it posted US$112 million in net income from its renewable energy facilities, compared with US$99 million from its fossil fuel projects and US$26 million from renewables in the same period of 2022.
In October the company began operations at its Daggett solar-plus-storage project in San Bernadino County, California. The site has 482MW of solar capacity and 280MW battery storage output.