DLA Piper advises Citizens in the signing of a Corporate Power Purchase Agreement to Source 100% Renewable Power for Entire Operational Footprint
DLA Piper advised Citizens Financial Group, Inc. (Citizens), one of the nation’s oldest and largest financial institutions, in the negotiation of a corporate power purchase agreement with Ørsted, a Denmark-based power company. Under the agreement, Citizens will support the construction of the Sunflower Wind Project, which will match 100 percent of Citizens’ power consumption across its entire operational footprint with renewable energy credits.
The Sunflower Wind Project is a 200-Megawatt (MW) wind generation facility in Marion County, Kansas. Ørsted began construction of the project in 2022, and it is predicted to generate enough electricity to power approximately 96,000 homes annually by 2023. Citizens’ share of the project is 25.8 MWs.
Citizens is making a long-term commitment to buy a share of the renewable electricity produced by the Sunflower Wind Project. All electricity generated will be resold and delivered to the local electricity grid while Citizens utilizes the associated renewable energy credits to achieve 100 percent renewable power.
“We were pleased to assist Citizens with the procurement of renewable energy and RECs, and to bring more renewable energy onto the power grid,” said Vanessa Richelle Wilson, US chair of DLA Piper's Energy sector, who led the deal team. “Our team is always excited to draw on our energy experience to assist clients with strategies to address their carbon emissions.”
In addition to Wilson (Washington, DC), the DLA team included partners Claire Hall (Los Angeles) and Jeffrey Hare (Washington, DC); of counsel Christopher Steelman (Washington, DC); and associate James Calitri (Boston).
DLA Piper's Energy sector lawyers are at the forefront of the renewable energy market, advising sponsors, developers, financiers and regulatory bodies, among others, on transactions across the spectrum of renewable energy technologies, including hydro, solar, onshore and offshore wind, energy-from-waste, biomass and biofuels. For decades, the firm has represented organizations operating in the sector throughout the world, with a global team serving clients in the power, oil and gas, renewable, nuclear, energy trading, climate change and water markets.
DLA Piper is committed to making businesses better by helping clients and communities transition to and thrive in a more sustainable future. The firm understands the unique challenges and needs of each sector and delivers seamless global solutions to clients around the world. To find out more, please visit DLA Piper’s Sustainability and Environment, Social and Governance portal.