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Apex Clean Energy to Pursue 1 GW of Solar Potential on Weyerhaeuser Land
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary
Apex Clean Energy has partnered with Weyerhaeuser (NYSE: WY) to develop a significant portfolio of 1,000 megawatts of utility-scale solar and solar-plus-storage projects across Weyerhaeuser's property in the southeastern United States. This collaboration aims to enhance the shift to clean energy by leveraging Weyerhaeuser's extensive landholdings and Apex's proven track record in clean energy commercialization. Projects may commence operations as early as 2023, providing an opportunity for energy purchasers to meet their decarbonization targets.
Positive
Development of 1,000 megawatts of clean energy projects highlights growth potential.
Collaboration with Weyerhaeuser supports sustainability and renewable energy goals.
Projects could start commercial operations in 2023, meeting urgent market demand.
Negative
None.
Utility-Scale Projects Seek Offtake Partners Amid Surging Demand for Clean Power
CHARLOTTESVILLE, Va.--(BUSINESS WIRE)--
Apex Clean Energy today announced the execution of an agreement with Weyerhaeuser (NYSE: WY) for the development of 1,000 megawatts of utility-scale solar and solar-plus-storage projects on Weyerhaeuser property in the southeastern United States.
To date, Apex has commercialized more than $10 billion of utility-scale clean energy projects and transacted with utilities, co-ops, and corporations. Over the past decade, Apex has led the market in sales of clean energy to the C&I market. This collaboration between two industry leaders will accelerate the shift to clean power at a pivotal moment in the energy transition.
“This significant portfolio of clean energy projects will be developed leveraging Weyerhaeuser’s broad and geographically diverse landholdings and Apex’s track record of bringing commercially viable clean energy projects to market,” said Ellen Balfrey, Apex’s senior vice president of finance. “This unique collaboration will create opportunities for all types of energy purchasers who are seeking to decarbonize their operations in the coming years.”
“This agreement with Apex is a great step in advancing Weyerhaeuser’s strategic growth in renewable energy development, and it supports our broader commitment to sustainability and providing natural climate solutions across our land base,” said Russell Hagen, senior vice president and chief development officer for Weyerhaeuser.
Weyerhaeuser owns approximately 11 million acres in the United States. The agreement, which builds on a strong working relationship between Apex and Weyerhaeuser, will enable close coordination and collaboration between the companies to advance potential projects. Apex will lead on development of the portfolio, which includes projects that could reach commercial operations as early as 2023, creating a near-term opportunity for power purchasers to meet their decarbonization goals at scale.
About Apex Clean Energy
Apex Clean Energy was founded with a singular focus: to accelerate the shift to clean energy. Through origination, construction, and operation of utility-scale wind, solar, and storage facilities, distributed energy resources, and green fuel technologies, Apex is expanding the renewable frontier across North America. Our mission-driven team of more than 300 professionals uses a data-focused approach and an unrivaled portfolio of projects to create solutions for the world’s most innovative and forward-thinking customers. For more information about how Apex is building the energy company of the future, visit apexcleanenergy.com or follow us on Facebook, Twitter, and LinkedIn.
About Weyerhaeuser Weyerhaeuser Company, one of the world's largest private owners of timberlands, began operations in 1900. We own or control approximately 11 million acres of timberlands in the U.S. and manage additional timberlands under long-term licenses in Canada. We manage these timberlands on a sustainable basis in compliance with internationally recognized forestry standards. We are also one of the largest manufacturers of wood products in America. Our company is a real estate investment trust. In 2020, we generated $7.5 billion in net sales and employed approximately 9,400 people who serve customers worldwide. Our common stock trades on the New York Stock Exchange under the symbol WY. Learn more at www.weyerhaeuser.com.
What is the agreement between Weyerhaeuser and Apex Clean Energy?
Weyerhaeuser (NYSE: WY) has entered an agreement with Apex Clean Energy to develop 1,000 megawatts of utility-scale solar and solar-plus-storage projects.
When will the projects from Weyerhaeuser and Apex Clean Energy start operations?
The projects could potentially reach commercial operations as early as 2023.
How does the partnership impact Weyerhaeuser's business strategy?
This agreement advances Weyerhaeuser's strategic growth in renewable energy development and supports its commitment to sustainability.
What is the significance of the collaboration for the clean energy market?
The collaboration aims to accelerate the transition to clean power, meeting increasing demand from energy purchasers looking to decarbonize.
