Press release
CVS Health Enters Agreement With Constellation to Purchase Renewable Energy
CVS Health’s long-term commitment supports development of 18 megawatts of new solar energy; helps company reduce carbon footprint associated with its energy
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[{"type":"text","content":"\nCVS Health’s long-term commitment supports development of 18 megawatts of new solar energy; helps company reduce carbon footprint associated with its energy use by nearly 17,000 metric tons each year\n\n\n WOONSOCKET, R.I.--(BUSINESS WIRE)--\nCVS Health® (NYSE: CVS) today announced an 18 megawatt agreement with Constellation (NASDAQ: CEG) to purchase zero-emission, renewable energy equivalent to the annual electricity use of its 147 CVS Health locations throughout Michigan.\n\n\nThrough a 12-year agreement beginning in April 2025, CVS Health will purchase energy and renewable energy certificates (RECs) from Swift Current Energy’s Double Black Diamond Solar Project in Illinois. This is made possible by a long-term agreement between Constellation and Swift Current Energy under which Constellation will purchase a portion of the energy and RECs generated by Double Black Diamond. Construction of the project began in earnest in March 2023.\n\n\nIn total, CVS Health will procure approximately 35,000 megawatt hours of energy per year from Double Black Diamond, which is expected to help the company reduce its carbon footprint by nearly 17,000 metric tons calculated on an annual basis. This is the equivalent emissions of nearly 3,800 gasoline-powered passenger vehicles driven for one year, according to U.S. EPA greenhouse gas equivalencies.\n\n\n“We continue to see the significant impact the environment has on our health and well-being,” said Sheryl Burke, SVP of Corporate Social Responsibility and Chief Sustainability Officer for CVS Health. “That’s why we’re focused on investing in clean, renewable energy and advancing all our sustainability commitments to improve the health of our planet.”\n\n\nCVS Health will use the Constellation Offsite Renewables (CORe) product to facilitate its renewable energy transaction. CORe connects customers to the economic and sustainability benefits of large-scale, offsite renewable energy projects and is among Constellation’s suite of retail power products that help customers achieve their carbon reduction goals. Customers also have opportunities to utilize our regionally produced hourly carbon-free energy matching solution, which matches power when they need it most.\n\n\n\"By entering into this enduring relationship, CVS Health is embracing sustainable energy sources, while supporting a newly construc...