Hillwood announced that it has signed a 100-percent renewable energy contract for its properties in North Texas and has received the U.S. Environmental Protection Agency's (EPA) status as a "Green Power Partner." Current Energy, a Dallas-based company providing energy efficiency products and services for commercial and residential customers, has negotiated the renewable energy contract with TXU Energy on behalf of Hillwood, a leading commercial real estate developer in the United States.
With the new renewable energy contract and designation as a certified "Green Power Partner," Hillwood ranks as the second largest real estate purchaser in the United States, and the largest real estate purchaser in Texas, among companies dedicated to using renewable energy, according to the U.S. Environmental Protection Agency. A "Green Power Partner" is a partnership with the EPA that recognizes companies that have switched to green power for a specified minimum percentage of their electricity needs.
According to the EPA, Hillwood's green power purchase of more than 65 million kilowatt hours (kWh) is equivalent to avoiding the carbon dioxide (CO2) emissions of more than 9,000 passenger vehicles per year, or the equivalent amount of electricity needed to power more than 7,000 average American homes annually.
"This deal is part of Hillwood's ongoing effort to be environmentally progressive in our developments and offices, not only in North Texas but across the country," said Ross Perot Jr., chairman of Hillwood. "Current Energy has been a tremendous asset in assessing Hillwood's needs and in securing the best possible partner in TXU Energy to provide renewable sources for our developments in North Texas."
Beginning in February 2008, TXU Energy started providing 100-percent renewable power to Hillwood's largest North Texas properties. These properties include AllianceTexas, a 17,000-acre development 15 miles northwest of DFW International Airport, and Victory Park, a 75-acre development near downtown Dallas.
"We are pleased to provide Hillwood's largest properties with a source of 100-percent renewable energy," said John Detzel, vice president of large business markets for TXU Energy. "TXU Energy is spearheading innovative renewable energy products and solutions for our customers across Texas, and we praise Hillwood for its commitment to renewable energy and to improving our environment."
Hillwood's 2008 renewable power contract is projected at 65 million kilowatt hours. Under this contract, TXU Energy will secure certified renewable resources to cover this usage. Renewable energy resources rely on fuel sources that restore themselves, such as wind, solar, hydro, biomass and/or landfills.
Current Energy's Power Brokers, the company division that provides energy procurement and consulting services, served as the lead adviser on this transaction.
"We're seeing more corporations look to enhance their social responsibility by reducing the environmental impacts of traditional electricity use," said Josh Stern, a principal partner of Current Energy and founder of Power Brokers, which consulted on all aspects of the Hillwood contract, from plan analysis to bid solicitation to negotiations. "Together with TXU Energy, Current Energy has packaged a unique contract for Hillwood to meet its specific corporate needs and aggressive desire for 100-percent renewable energy in 2008. We are proud to have facilitated an energy procurement deal of this size and magnitude to benefit the environment."
Since inception in 2001, Current Energy's Power Brokers division has procured more than $750 million in power. Today, Power Brokers ranks in the top three energy consulting companies in Texas, based on number of transactions.