Goldman Sachs Group Inc. said June 12 it signed a long-term contract to purchase 68 MW of wind energy from a new NextEra Energy Resources LLC facility in Pennsylvania.
The bank joins other major corporations that are boosting renewable energy demand through their participation in the RE100 initiative, in which they commit to obtaining 100% of their electricity needs from renewable energy resources.
Goldman Sachs' commodities trading group, J. Aron, provided commodity risk management and commercial expertise for the transaction.
According to a Goldman Sachs news release, the NextEra Energy Inc. subsidiary's wind project will create up to 150 construction jobs and cut down over 200,000 tons of greenhouse gas emissions yearly.
The power plant is expected to go online in 2019, The Wall Street Journal reported.