Enel North America made a significant announcement on Wednesday, marking the commencement of operations at its Fence Post solar plus storage project in Texas, alongside the finalization of a substantial 22-megawatt (MW) virtual power purchase agreement (VPPA) with off-road vehicle manufacturer Polaris Inc.
Situated in Navarro County, the Fence Post project comprises 297 megawatts (MW) DC of solar capacity, which came online in December 2023, and an 86-MW storage system, currently undergoing final commissioning.
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Under the terms of the 12-year VPPA, Polaris will procure electricity and associated renewable energy certificates (RECs) generated by a 22-MW segment of the Fence Post Solar project, effectively covering approximately 40% of its power consumption in the United States. This agreement underscores Polaris' commitment to sourcing electricity from renewable sources, aligning with its sustainability objectives.
Commenting on the partnership, Stephen Pike, head of Enel North America's renewable energy production business, Enel Green Power North America, remarked, “Across all sectors, leaders like Polaris are stepping up to secure the economic and environmental benefits of renewable energy.”
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The deal with Polaris comes amid a broader trend in corporate renewable energy procurement. According to BloombergNEF, corporations publicly announced power purchase agreements (PPAs) for a record 46 gigawatts (GW) of solar and wind energy in 2023, representing a notable 12% increase compared to the previous year. This surge underscores the growing momentum towards sustainable energy solutions among businesses worldwide.
