Constellation inks 50-MW solar supply deal with insurer State Farm

Energy supplier Constellation (NASDAQ:CEG) this week unveiled a 50-MW agreement with State Farm under which the US insurance group will buy renewable energy covering the annual needs of its facilities in Bloomington, Illinois.

State Farm will get energy and renewable energy certificates (RECs) from the 593-MW Double Black Diamond solar project in Illinois of developer Swift Current Energy. Constellation is offtaking a portion of the project’s output and RECs under a long-term deal.

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Located in Sangamon and Morgan counties, the project is expected to start construction by the end of the year and be completed in late 2024.

The contract with State Farm is for a period of 12 years from January 2025.

Eight State Farm facilities, including its corporate headquarters, will source 103,000 MWh a year from the solar complex in a step towards the company’s goal of a 50% reduction in greenhouse gas emissions by 2030

In August, the City of Chicago committed to buying electricity from the Double Black Diamond project.