By working with sustainability champions like Chevron, we maximize the positive impact of the low carbon technologies we offer to communities across the U.S. “Continuing to invest in renewable energy solutions is fundamental to our business strategy. “This partnership leverages Algonquin’s technical and operational expertise in renewable power with Chevron’s scale, land, and local knowledge to enable faster, more cost-effective cleaner energy solutions,” said Arun Banskota, Chief Executive Officer of Algonquin. Chevron will purchase electricity from the jointly owned projects through power purchase agreements.

Algonquin will lead the design, development and construction of the projects. Projects will be jointly owned and co-developed by both parties. Permian Basin (TX and NM), Argentina, Kazakhstan and Western Australia. The projects will be focused on powering Chevron’s operations in the U.S. Initial renewable power projects are expected to be sited on Chevron land, and construction is planned to start in 2021. “This agreement advances Chevron’s commitment to lower our carbon footprint by investing in renewable power solutions that are reliable, scalable, cost efficient, and directly support our core business.” “Chevron intends to lead in the future of energy by developing affordable, reliable and ever-cleaner energy,” said Allen Satterwhite, President of Chevron Pipeline & Power.

Under the four-year agreement, Chevron plans to generate more than 500 megawatts (MW) of its existing and future electricity demand from renewable sources. (“Algonquin” TSX/NYSE: AQN) today announced an agreement seeking to co-develop renewable power projects that will provide electricity to strategic assets across Chevron’s global portfolio. (CUSA), a wholly owned subsidiary of Chevron Corporation (NYSE: CVX), and Algonquin Power & Utilities Corp.

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