Long-term Contracts Will Provide Clean Energy for Years to Come
Sunnyvale, Calif. – Silicon Valley Clean Energy (SVCE) has reached a major milestone in clean energy investment with over $1 billion now committed to building and operating renewable energy generation plants for residents and businesses in Santa Clara County.
With the approval of a new power purchase agreement with 8minute Solar Energy earlier in June, the SVCE board has approved seven contracts totaling $1.134 billion for renewable energy facilities since the agency began operating three years ago. The contracts total 384 MW of generating capacity, enough to serve 37 percent of SVCE’s retail energy sales annually.
“I’m proud of the work that SVCE has done to get us to this point,” said Howard Miller, SVCE Board Chair and City of Saratoga Mayor. “This is a great illustration of how we are actively searching out the best opportunities to make an impact on climate change and serve our customers. We aren’t just shuffling around existing resources, we’re working to increase the amount of cost-effective renewable energy on the grid, strengthening our portfolio and providing our customers with clean, reliable energy.”
The seven contracts are due to come online between 2021 and 2023, and range in length from 10 to 20 years. The approved contracts include geothermal and solar-plus-storage generation facilities.
About Silicon Valley Clean Energy
Silicon Valley Clean Energy is a not-for-profit community-owned agency serving the majority of Santa Clara County communities, acquiring clean, carbon-free electricity on behalf of more than 270,000 residential and commercial customers. As a public agency, net revenues are returned to the community to keep rates competitive and promote clean energy programs. Member jurisdictions include Campbell, Cupertino, Gilroy, Los Altos, Los Altos Hills, Los Gatos, Milpitas, Monte Sereno, Morgan Hill, Mountain View, Saratoga, Sunnyvale and unincorporated Santa Clara County. SVCE is guided by a Board of Directors, which is comprised of a representative from the governing body of each member community. For more information, please visit SVCleanEnergy.org.