Schneider Electric, a global leader in energy management and automation, has facilitated new Tax Credit Transfer (TCT) deals for Kimberly-Clark Corporation, a prominent manufacturer of personal care and hygiene products. These agreements support America s clean energy transition by enabling tax credit transferability under the Inflation Reduction Act (IRA). Kimberly-Clark, with the strategic guidance of Schneider Electric, is funding four new battery energy storage projects, showcasing its commitment to grid resiliency and renewable energy. The projects, located in Texas, USA, are part of Kimberly-Clark s ambitious decarbonization goals, which include a 50% reduction in absolute GHG emissions by 2030 and achieving 100% renewable electricity in North America by the same year. The new TCT deals involve investments of $82.5M, $68M, $55M, and $32M in four 100 MW battery energy storage projects. These initiatives demonstrate how the voluntary market can support developers in fostering key projects using the IRA s tax credit transferability mechanism. Kimberly-Clark s current Voluntary Power Purchase Agreements (vPPAs) produce clean power from wind in Texas, accounting for 40% of its total electricity use by U.S. operations. The company s dedication to decarbonization and advancement of renewable energy solutions is evident in its contribution to the advancement of battery storage technology through tax credit transferability. Steve Wilhite, President of Schneider Electric s Sustainability Business, emphasizes the company s commitment to supporting the clean energy transition in response to the IRA. Tax credit transfers enable corporations to provide substantial financial support to developers, fostering projects crucial for accelerating America s energy transition. The announcement highlights the importance of innovative collaborations in advancing the green transition and showcases Schneider Electric s role in supporting developers fostering renewable energy projects. Related resources: - About Schneider Electric - Schneider s purpose: Creating Impact by empower
Source: lelezard.comPublished on 2024-09-23
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