The initiative is expected to yield over 50,000 megawatt-hours (MWh) annually, with a projected total of 750,000 MWh over the next 15 years.
Global fashion house Tapestry, renowned for brands like Coach, Kate Spade, and Stuart Weitzman, has joined forces with renewable energy provider Pivot Energy to spearhead the development of six community solar projects in Illinois, US.
This strategic collaboration includes the purchase of 15 years of Impact Renewable Energy Credits (RECs) generated by these projects, aligning with Tapestry’s commitment to sustainability and community engagement.
The initiative is expected to yield over 50,000 megawatt-hours (MWh) annually, with a projected total of 750,000 MWh over the next 15 years. The community solar projects, scheduled to commence clean energy delivery in early 2025, aim to generate an average of 51,760 MWh of clean electricity annually. This output is equivalent to powering more than 6,000 average households in Illinois.
The collaboration strategically targets areas with limited existing solar resources, emphasizing a significant impact on pollution reduction in regions heavily reliant on fossil fuels.
As part of the commitment, $2,000 per MW built, totaling $66,000, will be invested in local non-profit organizations dedicated to equitable workforce development in the renewable energy sector. These organizations will provide training to underrepresented groups in the counties where the projects are located.
Tapestry’s Impact REC agreement focuses on reducing electricity bills for residents and businesses over the next two decades, ensuring a stable market for renewable energy production. Unlike traditional REC purchases from existing wind farms, Impact REC agreements emphasize establishing clean energy resources in regions conducive to building new solar facilities while simultaneously contributing to local communities.
Logan Duran, Vice President of ESG and Sustainability at Tapestry, emphasized the business imperative of sustainability, stating, “At Tapestry, we know that sustainability is a business imperative.” Duran highlighted Tapestry’s commitment to procuring 100% renewable electricity in its stores, offices, and fulfillment centers globally by 2025. He underscored the power of partnerships to drive meaningful change and the significance of contributing to renewable energy solutions.
Josh Levy, Director of Offsite Solutions at Pivot Energy, noted that the partnership exemplifies how companies can advance renewable energy solutions for their sustainability goals while creating additional opportunities for renewable energy production in the future.
The financial commitment from Tapestry serves as a catalyst for expanding solar initiatives in these communities, allowing the projects to move forward without relying on traditional programs with limited expansion capacity.
This collaboration underscores the fashion industry’s growing role in sustainable practices and environmental stewardship. Tapestry’s commitment to renewable energy aligns with broader industry trends as companies increasingly prioritize sustainability goals and seek innovative partnerships to drive positive environmental impact.
The combined efforts of Tapestry and Pivot Energy set a precedent for businesses actively contributing to the transition towards clean and sustainable energy solutions while fostering community development.