Iberdrola Renewables announced an 11-year contract to supply the city of Riverside, California, with a blended package of seasonal peaking renewable energy products. Riverside is seeking to increase the amount of energy it receives from renewable resources to above 40 percent before 2020.
Using its wind management expertise and transmission portfolio, Iberdrola Renewables will deliver about 101,000 MWh of firm renewable energy annually to help the city of Riverside fulfill California's renewable portfolio standard (RPS) obligation through 2026. Iberdrola Renewables will deliver 'Bucket 1' and 'Bucket 2' RPS products from its renewable asset portfolio to Riverside for its RPS and power supply needs.
The city of Riverside's City Council authorized the execution today with deliveries starting in June 2016.
"We are pleased that the council approved this agreement," said Riverside Public Utilities General Manager Girish Balachandran. "Riverside's purchase of energy from Iberdrola Renewables is just one of the many ways Riverside intends to expand its renewables portfolio."
"With affordable wind energy assets in our portfolio, plus experience managing the California delivery requirements, we can reliably deliver clean power to our customers," said Barrett Stambler, vice president of Iberdrola Renewables. "This deal strongly supports Riverside's ambitious renewable energy goals, and takes advantage of our sophisticated scheduling and energy delivery capabilities within the Western transmission system."
Iberdrola Renewables is a unit of Iberdrola USA and the U.S. renewable energy division of parent company IBERDROLA, S.A. Iberdrola Renewables is headquartered in Portland, Ore., and has more than $10 billion of operating assets totaling more than 6,000 MW of owned and controlled wind and solar generation in the U.S.