In what seems to be a move towards green energy, Goldman’s the Wall Street bank said Monday that it has agreed to buy 68 megawatts of electricity from a wind farm in Scranton. It will come online in 2019. It is the first such agreement struck by a bank and pushes Goldman closer to its goal of procuring 100% of the energy it uses from renewable sources by 2020.
It is not just for the renewables markets alone, Goldman’s commodities arm has been building a business to connect corporate buyers of electricity with developers.
The group that is headed by Greg Agran, will manage the 15-year electricity contract, protecting Goldman from price variations and swings, grid congestion and other factors. It hopes to market that same service to a growing group of companies that are striking their own power agreements.
The Scranton project is developed by NextEra Energy Inc will produce power which will be equal to Goldman’s usage across the North American Facility.
Earlier the Bank’s CEO criticized US President Donald Trumps decision to pull out from Paris Climate Agreement.