AES, Clearway Energy Group, Cypress Creek Renewables, and D.E. Shaw Renewable Investments form buying consortium to purchase 6-7 GW of crystalline silicon solar modules annually to encourage the rapid scaling of domestic solar manufacturing in the United States
WASHINGTON, June 21, 2022 /PRNewswire/ -- Leading independent power producers, The AES Corporation (NYSE: AES), Clearway Energy Group (Clearway), Cypress Creek Renewables, and D. E. Shaw Renewable Investments (DESRI), have formed the US Solar Buyer Consortium to support expansion of the domestic solar supply chain and drive the growth of the American solar industry.
Increasing domestic US solar supply chains will create lasting resiliency and alleviate current industry constraints.
To meet its ambitious growth targets, the Consortium has launched a competitive RFP to search for qualified manufacturers who are aligned with the consortium's goals and can commit to a long-term strategic partnership to supply up to 7 GW of solar modules per year starting from 2024.
"Our group of companies comprise industry leaders that are committed to delivering cost-effective, renewable power for our customers. Our joint commitment to procure at this scale can provide the certainty suppliers need to ramp up capacity and overcome current supply chain constraints," said David Zwillinger, DESRI's CEO.
The buying consortium will encourage a stable, domestic supply chain for solar modules. Promoting the on-shoring of the module supply chain demonstrates the buying consortium's belief in an American-made solar industry that has the potential to create over 250,000 new permanent jobs and over 50,000 new construction jobs by 2035. Increasingly domestic supply chains will create lasting resiliency and alleviate constraints faced by the industry today.
"The Consortium has a large and growing pipeline of solar projects in the United States, and we are committed to supporting America's clean energy transition," said Andrés Gluski, AES President and CEO. "We're working together with customers of all kinds to decarbonize their operations and the grid."
"Solar provides low-cost clean energy, builds resiliency into the grid and is vital in addressing the climate crisis," said Sarah Slusser, CEO of Cypress Creek Renewables. "We are proud to advance our country's important decarbonization and clean energy goals and American manufacturing through the support provided by this consortium."
Increasing solar energy deployment is essential to achieving net-zero emissions by 2050 and limiting global temperature rise to 1.5o C. While the White House's recently announced 24-month bridge for certain solar imports and actions to support domestic manufacturing are a large step towards addressing supply chain challenges, the Consortium recognizes that more needs to be done to build upon the industry's progress towards providing lower-cost, reliable, clean power to American families and businesses.
"Today's announcement from the Consortium is just one step toward bolstering America's solar supply chain," said Craig Cornelius, CEO of Clearway Energy Group. "With legislation pending before Congress, policymakers can scale our domestic manufacturing workforce and restore our country's legacy as a manufacturing leader. We appreciate the Biden administration's commitment to invest in American workers and urge lawmakers to seize this opportunity."
About AES: The AES Corporation (NYSE: AES) is a Fortune 500 global energy company accelerating the future of energy. Together with our many stakeholders, we're improving lives by delivering the greener, smarter energy solutions the world needs. Our diverse workforce is committed to continuous innovation and operational excellence, while partnering with our customers on their strategic energy transitions and continuing to meet their energy needs today. For more information, visit AES here.
About Clearway: Clearway Energy Group is leading the transition to a world powered by clean energy. Along with our public affiliate Clearway Energy, Inc., we own and operate more than 8 gigawatts of renewable and conventional energy assets across the country. As we develop a nationwide pipeline of new renewable energy projects for the future, Clearway's 5.6 gigawatts of wind, solar, and energy storage assets offset the equivalent of more than 10.5 million metric tons of carbon emissions for our customers today. Clearway Energy Group is headquartered in San Francisco with offices in Carlsbad, Calif.; Scottsdale, Ariz.; Houston; and Princeton, N.J. For more information, visit clearwayenergygroup.com.
About Cypress Creek Renewables: Cypress Creek Renewables is a leading US renewables developer and independent power producer. It develops, finances, owns, and operates utility-scale and distributed solar and energy storage projects across the United States with a mission to power a sustainable future, one project at a time. Since inception, Cypress Creek has developed more than 12GW of solar projects. Today it owns 2GW of solar and has a 14GW pipeline. Cypress Creek's leading O&M services business operates and maintains 4GW of solar projects for customers across 19 states. For more information about Cypress Creek, please visit www.ccrenew.com.
About D. E. Shaw Renewable Investments: D. E. Shaw Renewable Investments (DESRI) and its affiliates develop, acquire, own, and operate long-term contracted renewable energy assets in the U.S. DESRI's portfolio of operating and in-construction renewable energy projects currently includes more than 65 solar and wind projects representing more than 6 GW of aggregate capacity. DESRI is a member of the D. E. Shaw group, a global investment and technology development firm with more than $60 billion in investment and committed capital as of March 1, 2022, and offices in North America, Europe, and Asia.
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SOURCE AES CORP.