TransUnion's long-term commitment is expected to support development of 8.5 megawatts of new solar; help company reduce carbon emissions associated with its energy use by over 8,000 metric tons each year
TransUnion (NYSE: TRU) today (May 23) announced an 8.5 megawatt agreement with Constellation (NASDAQ: CEG) to purchase renewable energy equivalent to the annual electricity use of its Chicago headquarters, which will also reduce TransUnion's emissions associated with purchased electricity (Scope 2 emissions).
Through a 12-year agreement beginning in April 2025, TransUnion will purchase energy and renewable energy certificates (RECs) generated by Swift Current Energy's Double Black Diamond Solar Project in downstate Illinois. Peak construction of the solar project began in March 2023. TransUnion's contract for the energy will begin in 2025.
In total, TransUnion will procure approximately 17,000 megawatt hours of energy per year from Double Black Diamond, which is expected to reduce the company's carbon emissions associated with its Scope 2 emissions by over 8,000 metric tons annually compared to a location-based calculation. This is the equivalent emissions of nearly 1,800 gasoline-powered passenger vehicles driven for one year, according to U.S. EPA greenhouse gas equivalencies.
"The climate crisis remains a key global issue, and corporations must address the risks associated with the crisis with swift and purposeful action," said Chris Cartwright, President and CEO, TransUnion. "TransUnion is committed to continuing to assess, identify and, where feasible, implement options to integrate environmental sustainability into our global business, and procuring renewable energy is an important step toward realizing our enterprise climate strategy."
TransUnion plans to use the Constellation Offsite Renewables (CORe) product to facilitate its renewable energy transaction. CORe connects customers to the economic and sustainability benefits of large-scale, offsite renewable energy projects and is among Constellation's suite of retail power products that help customers achieve their carbon reduction goals.
"TransUnion's support of the Double Black Diamond new-build renewable asset shows their commitment to decarbonization," said Jim McHugh, Chief Commercial Officer, Constellation. "We are pleased that our energy solutions can advance TransUnion's carbon reduction goals and help them on their sustainability journey."
In 2021, TransUnion set Scope 1 and 2 emissions reduction targets for the first time. Since then, the company has made significant reductions through its real estate consolidation and renewable energy purchases.
Eric Lammers, co-founder and CEO, Swift Current Energy, said, "As the developer and long-term owner of Double Black Diamond Solar, we are delighted that TransUnion's Chicago headquarters will enjoy the benefits of carbon-free energy generated within the State of Illinois by the project. By purchasing power from the project, TransUnion is also supporting construction jobs in Illinois, as well as U.S. manufacturing jobs associated with the steel foundations, the tracker systems, and the solar modules. Double Black Diamond Solar will also provide long-term tax revenue for communities in the state."
With an estimated total capacity of 800 MWdc (593 MWac), Swift Current Energy's Double Black Diamond solar project will produce electricity sufficient to power the equivalent of more than 100,000 homes from its location in downstate Sangamon and Morgan counties.
About Constellation
Headquartered in Baltimore, Constellation Energy Corporation (Nasdaq: CEG) is the nation's largest producer of clean, carbon-free energy and a leading supplier of energy products and services to businesses, homes, community aggregations and public sector customers across the continental United States, including three fourths of Fortune 100 companies. With annual output that is nearly 90% carbon-free, our hydro, wind and solar facilities paired with the nation's largest nuclear fleet have the generating capacity to power the equivalent of 15 million homes, providing around 10% of the nation's clean energy. We are further accelerating the nation's transition to a carbon-free future by helping our customers reach their sustainability goals, setting our own ambitious goal of achieving 100% carbon-free generation by 2040, and by investing in promising emerging technologies to eliminate carbon emissions across all sectors of the economy. Follow Constellation on LinkedIn and Twitter.
About TransUnion
TransUnion is a global information and insights company with over 12,000 associates operating in more than 30 countries. We make trust possible by ensuring each person is reliably represented in the marketplace. We do this with a Tru picture of each person: an actionable view of consumers, stewarded with care. Through our acquisitions and technology investments we have developed innovative solutions that extend beyond our strong foundation in core credit into areas such as marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good® and it leads to economic opportunity, great experiences, and personal empowerment for millions of people around the world.
http://www.transunion.com/business
Forward-Looking Statement and Methodology Disclaimer
This press release includes certain forward-looking statements, which are subject to important risks and uncertainties. For example, measuring and assessing GHG emissions, estimates regarding related reductions and expectations regarding energy needs and renewable energy purchases are subject to certain risks and in some cases based on certain calculation methodologies which continue to evolve. TransUnion's calculation methodologies may ultimately be deemed to be inconsistent with future regulatory requirements or best practices. The most significant risks and uncertainties regarding TransUnion's business are included in TransUnion's Annual Report on Form 10-K for the year ended December 31, 2022, and subsequent filings with the SEC, and readers are encouraged to review the risks and uncertainties identified in TransUnion's SEC filings in connection with the statements made in this press release. There may be other factors (including factors beyond TransUnion's control) that may cause results to differ materially from such forward-looking statements. You should evaluate all forward-looking statements made in this press release in the context of such risks and uncertainties, and TransUnion undertakes no, and expressly disclaim any, obligation to update such information except as required by law.
