Rivian Inks 50 MW Power Purchase Deal For Illinois Manufacturing - Rivian Automotive (NASDAQ:RIVN)

Rivian Automotive Inc RIVN has signed a power purchase agreement (PPA) with Apex Clean Energy for 50 megawatts (MW) of electricity. The financial terms were not disclosed.
The electricity will be sourced from the proposed Goose Creek Wind farm in Piatt County, Illinois.
The agreement supports Rivian's long-term vision of enabling high-impact renewable energy projects that reduce its carbon footprint.
The purchase, along with other renewable sourcing and on-site generation, will allow Rivian to power as much as 75% of its Normal, Illinois, plant operations with carbon-free energy on an hourly basis.
Apex is currently in the process of securing local permits and approvals for the 300 MW Goose Creek Project, which is slated to begin operations in 2024.
"About a third of global greenhouse gas emissions come from transportation, with nearly another third from electricity generation," said Andrew Peterman, Rivian Director of Renewable Energy.
Price Action: RIVN shares are trading lower by 4.95% at $29.81 on the last check Monday.
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