US-based investor Acadia Infrastructure Capital, along with major companies including Microsoft, has launched a $9 billion initiative to develop renewable energy projects across the United States.
The initiative, known as the Climate and Communities Investment Coalition (CCIC), aims to accelerate corporate-led financing for renewable energy projects and is expected to facilitate the development of 5GW of renewable power by 2029.
The CCIC will focus on providing tangible benefits to local communities, including affordable clean energy for low- and middle-income households, local employment opportunities, and support for contractors with diverse ownership.
The initiative aims to accelerate the pace of renewable energy development, capitalizing on the decreasing costs of renewable energy and further boosting corporate investment.
The first project under the CCIC saw Matrix Renewables secure financing for a 210MW solar project, backed by Microsoft.
This initiative aligns with Microsoft’s sustainability goals, and the company has also entered into a 20-year power purchase agreement with Constellation Energy to support the restart of a unit at the Three Mile Island nuclear plant in Pennsylvania, helping to power its data centers in the state.