Pivot Energy Partners with Tapestry, Inc. Enabling New Clean Energy and Increased Community Investment

Rhea-AI Summary

Tapestry, Inc. (NYSE: TPR) partners with Pivot Energy to develop 33 Megawatts of solar energy in Illinois, committing to purchasing 15 years of Impact Renewable Energy Credits (RECs) and investing in local community organizations. The projects aim to reduce electricity bills, create workforce development opportunities, and deliver clean energy to over 6,000 Illinois households annually.

Positive

• Tapestry's commitment to purchasing 15 years of Impact Renewable Energy Credits (RECs) for 33 Megawatts of solar energy projects
• Investment of $66,000 in local community organizations
• Expected generation of 51,760 megawatt-hours of clean electricity per year
• Commitment to procuring 100% renewable electricity in own stores, offices, and fulfillment centers globally by 2025

Negative

• None.

The global fashion house of Coach, Kate Spade, and Stuart Weitzman entered an agreement to enable 33 Megawatts of solar energy

CHICAGO, Dec. 12, 2023 /PRNewswire/ -- Leading national renewable energy provider Pivot Energy is proud to announce it is developing six community solar projects in Illinois, totaling 33 megawatts (MWdc), with Tapestry, Inc. (NYSE: TPR), a house of iconic accessories and lifestyle brands consisting of Coach, Kate Spade, and Stuart Weitzman. Tapestry has committed to purchasing 15 years of Impact Renewable Energy Credits (RECs) produced by the projects, which will produce more than 50,000 megawatt hours (MWh) per year with a total estimated 750,000 MWh over the course of 15 years. This commitment helps enable new renewable energy to be developed in Illinois. Additionally, the two companies will invest $2,000 per MW built, or $66,000 total, in local community organizations.

What makes this project unique is the multifaceted opportunity to create measurable impact growth of solar energy. Traditional REC purchases typically come from existing wind farms, while Impact REC agreements are structured to put clean energy resources in areas primed to build new solar resources while simultaneously investing in local communities. In Pivot and Tapestry's case, the impact is three-fold – new clean energy, community investments, and energy burden relief.

The new community solar projects are expected to generate an average of 51,760 megawatt-hours of clean electricity per year, equivalent to powering over more than 6,000 average Illinois households annually. Moreover, the additional solar projects, made possible by Tapestry's Impact REC agreement, are being strategically developed in locations with few solar resources. By constructing new renewable energy projects in areas that use a larger percentage of fossil fuels, the impact of avoided pollution can be even greater. 

The donations tied to each MW constructed will go to local nonprofit organizations focused on equitable workforce development within the renewable energy sector. These organizations provide training to underrepresented groups that live in the counties where the projects will be built. 

"At Tapestry, we know that sustainability is a business imperative. As part of our 2025 corporate responsibility goals, we committed to procuring 100% renewable electricity in our own stores, offices and fulfillment centers globally by 2025," said Logan Duran, VP, ESG and Sustainability, Tapestry. "We also recognize the power of partnerships to drive meaningful change in key environmental and social areas which is why we are thrilled to join with Pivot Energy in implementing these projects in Illinois."

The new community solar projects aim to reduce local residents' and businesses' electricity bills for 20 years and help ensure a stable market for renewable energy production. Tapestry's financial commitment is a significant catalyst for expanding solar in these communities, allowing the projects to move forward without relying on traditional programs, which often have limited capacity for expansion. These community solar projects are set to come online and begin delivering clean energy in early 2025.

"Pivot's partnership with Tapestry is a perfect example of how companies can advance renewable energy solutions for their own sustainability goals, while creating additional opportunities for renewable energy production in the future," said Josh Levy, Director of Offsite Solutions with Pivot Energy. "Tapestry is a model for the fashion industry and its consumers for environmentally-friendly solutions."

Pivot Energy is committed to accelerating the transition to clean energy and positively impacting local communities. Tapestry's commitment to sustainability and renewable energy exemplifies its dedication to creating a more environmentally conscious and socially responsible fashion industry. By supporting clean energy projects and engaging with local communities, Tapestry is demonstrating its commitment to renewable energy and sustainable operations in the fashion industry.

About Pivot Energy
Pivot Energy is a national solar provider that develops, finances, builds, owns, and manages solar and energy storage projects. Pivot offers a distributed energy platform that includes a range of services and software to serve the full solar ecosystem. Pivot is a Certified B-Corporation that proudly follows a corporate strategy aimed at positively impacting society as measured by Environmental stewardship, Social leadership, and responsible Governance (ESG) factors. Learn more at pivotenergy.net.

About Tapestry
Our global house of brands unites the magic of Coach, Kate Spade New York and Stuart Weitzman. Each of our brands are unique and independent, while sharing a commitment to innovation and authenticity defined by distinctive products and differentiated customer experiences across channels and geographies. We use our collective strengths to move our customers and empower our communities, to make the fashion industry more sustainable, and to build a company that's equitable, inclusive, and diverse. Individually, our brands are iconic. Together, we can stretch what's possible. To learn more about Tapestry, please visit www.tapestry.com

View original content:https://www.prnewswire.com/news-releases/pivot-energy-partners-with-tapestry-inc-enabling-new-clean-energy-and-increased-community-investment-302012437.html

SOURCE Pivot Energy

FAQ

What is the partnership between Tapestry, Inc. and Pivot Energy about?

Tapestry, Inc. (NYSE: TPR) has partnered with Pivot Energy to develop 33 Megawatts of solar energy in Illinois. They are committed to purchasing 15 years of Impact Renewable Energy Credits (RECs) and investing in local community organizations.

What is the expected generation of clean electricity from the solar projects?

The new community solar projects are expected to generate an average of 51,760 megawatt-hours of clean electricity per year, equivalent to powering over more than 6,000 average Illinois households annually.

What is Tapestry's commitment to sustainability and renewable energy?

Tapestry has committed to procuring 100% renewable electricity in its own stores, offices, and fulfillment centers globally by 2025.

How will the solar projects impact local communities?

The projects aim to reduce local residents' and businesses' electricity bills for 20 years and help ensure a stable market for renewable energy production. Tapestry's financial commitment is a significant catalyst for expanding solar in these communities.

What is the significance of Tapestry's partnership with Pivot Energy?

Tapestry's partnership with Pivot Energy aims to advance renewable energy solutions for sustainability goals and create additional opportunities for renewable energy production in the future.