Businesses Are Buying More Renewable Power Than Ever Before

Companies are buying renewable power at a record pace.

AT&T Inc. and Walmart Inc. are among 36 businesses, government agencies and universities that have agreed to buy 3.3 gigawatts of wind and solar power so far this year. That’s on track to shatter the previous high of 4.8 gigawatts of disclosed deals last year, according to a report Monday by Bloomberg New Energy Finance.

One of the key reasons is that smaller companies are more comfortable doing these deals now.

“There’s a blueprint now,” said Kyle Harrison, a New York-based analyst at Bloomberg New Energy Finance. “So it’s a lot easier for other companies to do it.” In addition to the 4.8 gigawatts in announced deals last year, BNEF also estimates 600 megawatts of undisclosed contracts were signed in Asia.

The gains are also due to local renewables program and growing demand in international markets like Mexico and Australia.