PHILADELPHIA, PA — Keystone Development + Investment announced the first step in transitioning its portfolio to renewable energy. Keystone recently reached an 18-month agreement with ENGIE Resources LLC, a subsidiary of ENGIE North America Inc., for the purchase of energy from the Cambria wind farm in Cambria County, Pennsylvania and Renewable Energy Credits from unrelated sources. The purchase will match 100% of the forecasted electricity consumption for The Washington, a critically acclaimed, three-building complex in Philadelphia’s historic business district.
Renewable Energy Credits (RECs) represent the environmental benefits of one MWh of renewable energy. Over the course of the agreement, the RECs purchased will reduce CO2 emissions by 11,875 metric tons*.
RECs support the development of renewable energy generation by monetizing the environmental benefits inherent in such generation. RECs provide renewable energy developers with an additional revenue stream and support financing of renewable energy projects.
“A carbon-neutral future is mission critical for today’s tenants and at Keystone, we have made a conscious effort to increase our ESG initiatives in our buildings,” says Keystone President and COO Rich Gottlieb. “The Washington is a leading example of what we hope to achieve across our entire portfolio, and we’re thrilled to partner with ENGIE to achieve our collective goals.”
Industrial Energy (Wayne, PA) served as an advisor on the transaction. “We’re seeing steadily growing interest in ways that end-users can participate in the zero-carbon transition and help support renewables,” said Michael Amabile, president.
*EPA Greenhouse Gas Equivalencies Calculator
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