Comcast Takes Step Towards Carbon Neutral Goal With 250MW Solar Deal

PHILADELPHIA CREAM–(BUSINESS WIRE)–Comcast today announced an agreement to purchase 250 megawatts (MW) of solar power from Constellation, which will power approximately 12% of its operations in the United States and the vast majority of its operations in the mid-Atlantic with clean, renewable energy.

The agreement will support construction of the Blue Sky Solar Project, currently being developed by Scout Clean Energy in Illinois, creating local jobs and bringing additional clean electricity to the US power grid.

“The supply of clean, renewable energy is the top priority to achieve our goal of being carbon neutral by 2035,” said Peter Kiriacoulacos, executive vice president and chief purchasing officer at Comcast. “This is the first of many major green investments already underway or on the immediate horizon that demonstrate our commitment to sustainable and responsible business.

Comcast is committed to being carbon neutral by 2035 for Scope 1 and 2 emissions, or the direct and indirect emissions it owns and controls, across all of its global operations. With purchased electricity accounting for the majority of these emissions, renewable energy supply is key to achieving this goal.

Comcast’s renewable energy strategy will prioritize securing green tariffs, direct power purchase agreements (PPAs), and virtual PPAs through contracts that bring new renewable capacity to the grid. It will also include the construction of on-site renewable energy capacity and the supply of electricity to electricity needs with purchases from existing clean energy projects or renewable energy certificates (RECs).

“We commend Comcast for its carbon-neutral commitment and are thrilled that our offsite renewable solution will serve as an important stepping stone towards achieving this goal,” said Jim McHugh, chief commercial officer of Constellation. “As our nation transitions to a clean energy future, Constellation is committed to providing the products, services and expertise that help our customers strategically manage their energy use and reduce their carbon footprint.

Project highlights:

  • Comcast will supply 250 MW of carbon-free solar electricity from the 300 MW Blue Sky project – a majority share of the project’s total output. Blue Sky is one of the largest solar projects approved to date in the PJM power grid, which spans the mid-Atlantic region of the United States and parts of the Midwest, and Comcast is currently the single customer.

  • The agreement will allow Comcast to reduce carbon dioxide emissions associated with its power consumption by nearly 360,000 metric tons per year, equivalent to avoiding emissions from electricity consumption by more than 65 000 households for one year.

  • The project will create up to 400 construction jobs and 20 new long-term local jobs, and generate $36.3 million in tax revenue over the life of the project, of which $25.4 million is expected. go directly to local schools.

  • Blue Sky is expected to enter commercial service by December 2024. Comcast has signed a corresponding 15-year agreement with Constellation beginning in 2025 to receive energy and RECs from Blue Sky under its contract to supply retail electricity.

“We are thrilled to work with Comcast and Constellation to provide carbon-free solar power and invest $400 million in the local community, creating new, sustainable jobs and tax revenue for local schools,” said Michael Rucker, Founder and CEO of Scout Clean Energy. “Comcast’s commitment made this possible.”

For more information about Comcast’s environmental efforts, visit the environment page on Comcast’s corporate website.

About Comcast Corporation

Comcast Corporation (Nasdaq: CMCSA) is a global media and technology company that connects people in the moments that matter. We are primarily focused on broadband, aggregation and streaming with 57 million customer relationships in the US and Europe. We provide broadband, wireless and video through our Xfinity, Comcast Business and Sky brands; create, distribute and broadcast premier entertainment, sports and news through Universal Filmed Entertainment Group, Universal Studio Group, Sky Studios, NBC and Telemundo broadcast networks, multiple cable networks, Peacock, NBCUniversal News Group, NBC Sports, Sky News and Sky Sports; and deliver memorable experiences at Universal Parks and Resorts in the United States and Asia. To visit www.comcastcorporation.com for more information.

About Constellation

Constellation is the nation’s largest carbon-free power producer and leading competitive retail provider of electrical and energy products and services to homes and businesses across the United States. Based in Baltimore, its generation fleet powers more than 20 million homes and businesses and helps accelerate the nation’s transition to clean energy with more than 32,400 megawatts of capacity and 90% carbon-free annual generation. Constellation has set a goal to eliminate 100% of its greenhouse gas emissions by 2040 by leveraging innovative technologies and enhancing its diverse mix of hydro, wind and solar resources combined with the largest nuclear fleet carbon-free country. Constellation’s retail family of companies serves approximately 2 million residential, public sector and business customers, including three-quarters of the Fortune 100. Visit ConstellationEnergy.com or follow Constellation on Twitter at @ConstellationEG.

About Scout Clean Energy

Explore clean energy (https://scoutcleanenergy.com/) is an owner-operator, renewable energy developer headquartered in Boulder, Colorado with over 1,200 MW of assets in operation. Scout is actively developing a portfolio of over 12,000 MW of onshore wind, solar PV and battery storage projects in 21 US states. Scout has expertise in all aspects of renewable energy project development, permitting, energy marketing, finance, construction, 24/7 operations and asset management . Scout is a portfolio company of Quinbrook Infrastructure Partners.

Forward-looking statements

This press release contains estimates, projections and statements regarding plans and objectives that may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934 These forward-looking statements are generally identified by the words “believe”, “project”, “expect”, “anticipate”, “estimate”, “intend”, “potential”, “strategy”, “future “, “opportunity”, “commit”, “plan”, “may”, “should”, “could”, “will”, “will”, “will”, “will continue”, “will probably result” and similar expressions. Forward-looking statements are based on current expectations and assumptions which are subject to risks and uncertainties that may cause actual results to differ materially. When evaluating these statements, you should consider a variety of factors, including the risks and uncertainties that we describe in the “Risk Factors” sections of our Forms 10-K and 10-Q and other reports that we we file with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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