MONTCLAIR, N.J., Feb. 8, 2023 /PRNewswire/ -- Montclair State University, a leading institution of higher education in New Jersey, today announced a retail renewable energy agreement with ENGIE Resources LLC, a subsidiary of ENGIE North America Inc. The contract extends through 2025 under which Montclair State University will purchase Green-e™ certified Renewable Energy Credits (RECs) from wind, solar and hydro projects across the U.S.
The University will receive Green-e® certified RECs which are independently verified by the Center for Resource Solutions and represent the environmental benefits of one megawatt-hour of renewable energy. Over the course of the agreement, the RECs purchased contribute to support CO2 emissions avoidance by more than 7,600 metric tons, while matching 100% of the University's forecasted retail electricity consumption from the grid.
Montclair has long been a leader in sustainable practices in higher education. The University was the first educational institution in the nation to sign a Memorandum of Understanding (MOU) with the
Environmental Protection Agency (EPA) in 2009, and has committed to building all new facilities to meet Leadership in Environmental Energy Design (LEED) certification standards, with four buildings on campus currently holding LEED certifications.
"Montclair State University is committed to serving the public good by utilizing the latest in sustainable technologies and practices," said Vice President for University Facilities Shawn Connolly. "This agreement allows us to further those efforts and do so in a way that will truly make an impact."
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.
"We are pleased to provide a retail energy solution that matches Montclair State University's sustainability objectives," said Sayun Sukduang, chief executive officer at ENGIE Resources. "As America's Energy Greentailer™ we help colleges and universities to participate in the energy transition with supply options and ways to consume energy better."
Montclair State University launched its Facilities Sustainability Plan in April 2022. The plan details 17 goals to move the University towards operational sustainability. The purchase of Green-e® certified RECs will make significant progress for goal 01-5 which is focused on reducing, and eventually neutralizing, Scope 2 emissions.
The agreement includes electricity supply in a structure that provides budget certainty throughout the term of the agreement.
Serving as advisor on the agreement is Newark, New Jersey, based Diversegy, a wholly-owned subsidiary of Genie Energy (NYSE: GNE). Diversegy is a leading retail energy brokerage serving customers across all deregulated U.S. markets.
About Montclair State University
Building on a distinguished history dating back to 1908, Montclair State University is a leading institution of higher education in New Jersey. Designated a Research Doctoral University by the Carnegie Classification of Institutions of Higher Education, the University's 10 degree-granting schools and colleges serve more than 21,000 undergraduate and graduate students with more than 300 doctoral, master's and baccalaureate level programs. Situated on a beautiful, 252-acre suburban campus just 12 miles from New York City, Montclair State delivers the instructional and research resources of a large public university in a supportive, sophisticated and diverse academic environment.
About ENGIE North America
Based in Houston, Texas, ENGIE North America Inc. is a regional hub of ENGIE, a global leader in low-carbon energy and services. ENGIE (ENGI), is listed on the Paris and Brussels Stock Exchanges. Together with our 101,500 employees around the globe, our customers, partners and stakeholders, we are committed to accelerate the transition toward a carbon-neutral world, through reduced energy consumption and more environmentally friendly solutions. Inspired by our purpose ("raison d'être"), we reconcile economic performance with a positive impact on people and the planet, building on our key businesses (gas, renewable energy, services) to offer competitive solutions to our customers. In North America, ENGIE helps our clients achieve their energy efficiency, reliability, and ultimately, their sustainability goals, as we work together to shape a sustainable future. We accomplish this through: energy efficiency projects, providing energy supply (including renewables and natural gas), and the development, construction and operation of renewable energy assets (wind, solar, storage and more). For more information on ENGIE North America, please visit our LinkedIn page or Twitter feed, https://www.engie-na.com/ and https://www.engie.com.
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