Visa Deepens Global Commitment to Sustainability by Securing a New Regional Renewable Energy Agreement
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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