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Acadia Infrastructure Capital launches new coalition

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Microsoft ( MSFT ) helps back first green energy project

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Looks to tap more companies; bolster local communities

By Simon Jessop

LONDON, Dec 11 (Reuters) - U.S. investor Acadia

Infrastructure Capital and companies including Microsoft ( MSFT )

are looking to help develop a $9 billion pipeline of

renewable energy projects across the country, the project lead

told Reuters.

Launching the Climate and Communities Investment Coalition

(CCIC) with the technology giant as an anchor member, Acadia

Vice President Brian O'Callaghan said it was also talking with

companies in sectors including retail and consumer goods.

"The CCIC's reason for being is to accelerate corporate-led

renewable energy financing with real tangible benefits to local

communities," O'Callaghan said, adding it was expected to help

build-out around 5 gigawatts of renewable power over five years.

The benefits could include things like supporting access to

clean energy at reduced prices for low- and middle-income

households, hiring local people, and supporting contractors with

diverse ownership, he said.

While falling costs made renewables attractive, the CCIC

would help accelerate the roll-out as many companies need to

meet environmental targets and will want to access Renewable

Energy Certificates (RECs) attached to the projects.

RECs can be sold to those companies looking to help green

their power supply while others may buy them to offset dirty

emissions in their supply chains.

"It's just about the pace of build out. Renewable energy...

will continue to expand without corporations. With corporations,

the pace becomes exponential," O'Callaghan said, adding the

company investment would help attract other investment dollars.

Its recent first deal saw Matrix Renewables secure financing

for a 210 megawatt solar project, backed by Microsoft ( MSFT ).

Danielle Decatur, Director, Environmental Justice at

Microsoft ( MSFT ), added in a statement that the programme helped the

company meet its goals "through high-quality renewable energy

procurement".

Yinka Bode-George, CEO of the non-profit Sustain Our Future

Foundation, which is helping with the social impact, said it

would "help deliver meaningful, lasting benefits to community

stakeholders".