Tapestry in Illinois Energy Partnership to Power Homes for 20 Years
Tapestry, parent company of Coach, Stuart Weitzman and Kate Spade, is getting further into the latest trend for high-powered fashion brands: it has agreed to another energy partnership, this one in the U.S.
Already a part of The Fashion Pact which has a virtual power purchase agreement with 11 other brands, it has signed on with renewable solar power provider Pivot Energy to purchase 15 years of Impact Renewable Energy Credits (REC) produced by six community solar projects in Illinois. They will generate more than 50,000 megawatt hours per year over the 15 years of the agreement, for a total of 750,000 megawatts.
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These Impact RECs are different than traditional RECs. They are structured to put clean energy resources in areas primed to build them while getting money to local communities, while traditional REC purchases typically come from existing wind farms. The impact of the Tapestry and Pivot agreement is threefold: it provides new clean energy, community investments and energy burden relief for about 20 years.
A growing number of fashion companies in the U.S. now have energy partnerships such as Lululemon with Enel Green Power’s Azure Sky wind project in Texas. In The Fashion Pact, Tapestry has access to power produced by Lightsource bp, along with such brands as Prada, Zegna, Kering, Ferragamo, Ralph Lauren, PVH Group and others. Others involved in green energy initiatives include Lenzing, which has partnered with a wind farm, Finnish fiber producer Spinnova in partnership with clean energy provider Fortum, denim brand Soorty has invested in a solar project in addition to sponsoring a wind farm, and H&M has signed a power purchase agreement (PPA) for a new solar park in Sweden. Inditex also has been investing in wind energy for almost 20 years.
Pivot and Tapestry’s new community projects are expected to generate an average of 51,760 megawatt hours of clean electricity annually, equal to the power needed for some 6,000 average Illinois households. The additional solar projects made possible by Tapestry’s Impact REC agreement, will be developed in areas that use more fossil fuel so the impact of avoided pollution will be even greater.
Tapestry has committed to procuring 100 percent renewable electricity in its stores, offices and fulfillment centers around the world by 2025, according to Logan Duran, Tapestry’s vice president for ESG and sustainability.
“We recognize the power of parnerships to drive meaningful change in key environmental and social areas, which is why we are thrilled to join with Pivot Energy in implementing these projects in Illinois,” he said.
Tapestry’s commitment is a significant catalyst to the cause of solar power in these communities where the projects are set to come on line in early 2025.
According to Josh Levy, director of offsite solutions for Pivot Energy, Tapestry is a model for the fashion industry and its consumers for environmentally friendly solutions.
“Pivot’s partnership with Tapestry is a perfect example of how companies can advance renewable energy solutions for their own sustainability goals, while creating additional opportunities for renewable energy production in the future,” he said.
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