Target aims for 100% renewables by 2030; Walmart announces Minnesota solar deal

Dive Brief:

Target plans to power 100% of its US operations with renewable generation by 2030, including stores, distribution centers and offices, the big box retailer said Wednesday.
The day before, Walmart announced it would subscribe to 36 community solar projects in Minnesota developed by US Solar. The retailer is also working toward 100% renewable energy
Corporate purchases of clean energy "surged to new record in 2018," according to Bloomberg New Energy Finance. Last year, corporations worldwide more than doubled 2017 buying levels, purchasing 13.4 GW of clean power through long-term contracts.

Dive Insight:

Driven by state mandates, activist shareholders and economics, corporations are buying into renewable power at a rapid clip. Target's goal comes with an interim target of 60% renewables by 2025.

"We've been on a multi-year journey to operate our facilities more sustainably," Target Vice President John Leisen said in a statement. "Setting this ambitious goal is an important milestone."

Target estimates it currently uses roughly 22% renewable energy.

Its first wind power deal was announced in 2016, and the following year Target contracted for approximately 420,000 MWh of wind energy from the Solomon Forks Wind Project in Kansas. That project is expected to come online this summer, the company says.

Walmart has a 50% renewables goal by 2025, and was at about 28% in the company's 2018 corporate sustainability report.

The deal with US Solar calls for Walmart to subscribe to three dozen 1 MW community solar projects spread across 13 Minnesota counties. The company says the first solar gardens have completed construction and the remainder are targeted to be online by the first half of 2020.

Walmart says the bill credits it will receive are based on Minnesota's Value of Solar methodology, which takes into consideration energy generated as well as other grid and environmental benefits. Minnesota was the first state to adopt the approach for community solar.

Tech companies have become some of the largest purchasers of renewable energy. Google become the largest corporate buyer of renewable energy in the world last year, but others like Facebook, Apple and Microsoft are also investing heavily.