Visa Deepens Global Commitment to Sustainability by Securing a New Regional Renewable Energy Agreement
March 03 2021 - 5:23PM
Business Wire
MP2 Energy to supply renewable power to Visa’s
facilities in the commonwealth of Virginia from new solar
generation facilities
Visa (NYSE: V), a leading global payments technology company,
announced today that it has entered a multi-year energy agreement
with MP2 Energy LLC, a wholly owned subsidiary of Shell Energy
North America (US), L.P., to power Visa’s data center in the
commonwealth of Virginia with 100 percent renewable energy during
five years of the agreement. This agreement contributes to Visa’s
commitment to reduce the carbon impact of its global operations and
to support renewable energy generation in Virginia. Visa’s largest
data center is located in Virginia and accounts for over one third
of the company’s global electricity usage.
In January 2020, Visa announced completion of its goal to
transition to 100 percent renewable electricity for its offices and
data centers through a combination of enrollments in utility and
other renewable programs and the purchase of renewable energy
certificates (RECs), in accordance with the guidelines of the
global RE100 initiative. The agreement announced today signals the
next phase for Visa advancing its sustainability priorities, which
includes supporting additional renewable electricity capacity to
the grid. It also deepens the company’s commitment and investment
in Virginia by supporting the Virginia Clean Economy Act, which is
expected to create nearly 30,000 new solar jobs in the commonwealth
by 2030.
“Promoting sustainable ways of doing business to combat climate
change is a key part of our sustainability strategy,” said Douglas
Sabo, chief sustainability officer, Visa. “The agreement with MP2
Energy contributes to Visa’s climate action agenda, supports new
renewable energy generation across the commonwealth of Virginia,
and contributes to a positive impact on the environment and local
economic development.”
The agreement with MP2 Energy supports renewable electricity
generation coming online to the grid from new solar projects, from
which MP2 Energy will procure renewable electricity, which Visa
expects to begin using in February 2023. The electricity generated
by the projects and Visa’s purchase of associated project RECs will
replace a portion of Visa’s purchases of RECs, which the company
made to help reach its commitment to transition to 100 percent
renewable electricity by 2020. Visa’s agreement supports the
expansion of new solar generation within the commonwealth’s grid.
Specifically, the RECs associated with the renewable power for this
agreement will come from NextEnergy Capital Virginia’s Briel Farm
and Gardy’s Mill solar assets and Caden Energix’s solar assets
Hickory, Rives Road and Pamplin.
“We used our market knowledge and expertise to integrate a
package of renewable resources that meet Visa’s needs,” said David
Black, CEO, MP2 Energy. “We’re really pleased to show a tangible
example of the benefits of allowing businesses in the commonwealth
to have competitive choices in meeting renewable energy supply
goals.”
“Visa’s new agreement with MP2 Energy supports demand for
renewable generation and, by extension, creation of job
opportunities in the renewable energy sector in the commonwealth,”
said Governor Ralph Northam. “Companies like Visa, leveraging the
expertise of industry leaders such as MP2 Energy, helps Virginia
advance the goals of the Clean Economy Act and the commonwealth’s
Clean Energy Policy. This announcement reinforces our leadership
position among states proving that a clean environment and a strong
economy go hand-in-hand.”
“I applaud Visa’s commitment to reduce the climate impact of
their global operations and to support renewable energy generation
across Virginia through their new agreement with MP2 Energy,”
Representative Jennifer Wexton (D-10th) said. “Virginia is
committed to our clean energy agenda. The Visa agreement brings new
renewable energy generation to our commonwealth, stimulating
economic development and protecting our environment for future
generations.”
Visa’s global commitment to sustainability and reducing the
environmental footprint of its operations are components of the
company’s commitment to leading environmental, social and
governance (ESG) best practices. Visa continues to be recognized
for its industry leadership in ESG, such as inclusion in the Dow
Jones Sustainability North American Index and placement on
ESG-focused corporate lists such as America’s Most Responsible
Companies, 100 Best Corporate Citizens and 100 Most Just Companies.
For more information on the company’s strategy, read Visa’s
Corporate Responsibility and Sustainability Report.
About Visa Inc.
Visa is the world’s leader in digital payments. Our mission is
to connect the world through the most innovative, reliable and
secure payment network – enabling individuals, businesses and
economies to thrive. Our advanced global processing network,
VisaNet, provides secure and reliable payments around the world,
and is capable of handling more than 65,000 transaction messages a
second. The company’s relentless focus on innovation is a catalyst
for the rapid growth of connected commerce on any device. As the
world moves from analogue to digital, Visa is applying our brand,
products, people, network and scale to reshape the future of
commerce. For more information visit usa.visa.com/about-visa.html,
usa.visa.com/visa-everywhere/blog.html and @VisaNews.
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Visa Media Lindy Mockovak lindy.mockovak@visa.com
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