Sun | Aug 20, 2017

Schneider Electric’s latest acquisition could benefit the Caribbean

Published:Thursday | April 13, 2017 | 4:00 AM

JAMAICA AND the Caribbean's efforts to bolster the renewables market may have got a hand, thanks to the recent acquisition of Renewable Choice Energy by Schneider Electric, an energy management and automation firm.

Schneider Electric's more than 160,000 employees serve customers in more than 100 countries, including Jamaica, helping them "to manage their energy and process in ways that are safe, reliable, efficient and sustainable".

Renewable Choice, for its part, has the reputation of being a leader in helping commercial, industrial and institutional clients navigate their clean energy purchasing options.

"Already recognised as one of the world's most sustainable companies, the acquisition further enhances Schneider Electric's existing position in the rapidly growing renewables market," the company said in a release to the media.

"It bolsters Schneider Electric's advisory services for power purchase agreements, in which clients procure clean energy directly from large-scale renewable energy projects, and will aid clients in the implementation of other innovative clean technology solutions," it added.

Renewable Choice has reportedly been a pioneer in the industry, connecting organisations to renewable energy and carbon reducing technologies since 2001. Working with over 160 of the Fortune 500, Renewable Choice's clients have added over 1,000 megawatts of new wind and solar capacity to the global grid.

CLEAN ENERGY

"As clean energy reaches price parity with traditional energy, companies are taking aggressive steps to integrate renewables. We are seeing tremendous demand from clients to source a mix of green energy at a competitive rate," Steve Wilhite, senior vice-president of Energy and Sustainability Services, Schneider Electric, said in the release.

"Together, Schneider and Renewable Choice are the clear industry leader for clients looking to diversify their overall energy strategy, while providing critical sustainability and risk mitigation benefits via clean energy solutions," he added.

The Caribbean, meanwhile, is moving to realise a 47 per cent renewable power capacity by 2027 having missed its 20 per cent target for 2017. At the same time, the region is aiming for a 30 per cent reduction in energy intensity by 2027 a goal that could boost the bottom line of the region as production costs are reduced.