Target Signs Deals With Two Renewable Energy Cos.

By Stephen Nakrosis

Two companies said Target Corp. (TGT) signed deals to purchase renewable energy from a wind power and a solar power facility.

Leeward Renewable Energy said its virtual power purchase agreement with Target will enable the construction of its Lone Tree Wind Project in Bureau County, Illinois. The facility will have a capacity of about 79.4 megawatts and will be constructed adjacent to an existing Leeward facility. Construction on the project is expected to begin this autumn with a projected completion date of December 2020.

Engie North America Inc. said it entered a 15-year power purchase agreement with Target for its Sand Fork Solar Project.

Sand Fork, which is located in Texas, is expected to come online in the summer of 2021 and will have a total capacity of 200 MW. Target has contracted for 89 MW of capacity, Engie said.

Target said it was moving forward to sourcing 100% of its electricity from renewable sources by 2030, and also said the two deals announced Wednesday were estimated to generate about 556,000 megawatt hours of renewable electricity, equivalent to the energy used by 280 Target stores annually throughout the U.S.

--Write to Stephen Nakrosis at [e-mail]

(END) Dow Jones Newswires

June 12, 2019 17:38 ET (21:38 GMT)

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