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
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SOURCE Pivot Energy