Visa announces new regional renewable energy agreement with MP2 Energy

By Pavithra R

Visa has announced entering into a multi-year energy agreement with MP2 Energy, a wholly-owned subsidiary of Shell Energy North America (US), to power Visa’s data center in the commonwealth of Virginia with 100% renewable energy during 5 years of the agreement.

The agreement contributes to Visa’s commitment to reducing its global operations’ carbon impact and supporting renewable energy generation in Virginia.

Last year Visa announced the completion of its goal to transition to 100% renewable electricity for its offices and data centers through a combination of enrollments in utility and other renewable programs and the purchase of renewable energy certificates (RECs), following the guidelines of the global RE100 initiative. The new announcement signals the next phase for Visa to advance its sustainability priorities, which includes supporting additional renewable electricity capacity to the grid. It also deepens the company’s commitment and investment in Virginia by supporting the Virginia Clean Economy Act.

“Promoting sustainable ways of doing business to combat climate change is a key part of our sustainability strategy. The agreement with MP2 Energy contributes to Visa’s climate action plan, supports new renewable energy generation across the commonwealth of Virginia, and contributes to a positive impact on the environment and local economic development,” said Douglas Sabo, chief sustainability officer Visa.

The agreement with MP2 Energy supports renewable electricity generation coming online to the grid from new solar projects, from which MP2 Energy will procure renewable electricity, which Visa expects to begin using in February 2023.

“We used our market knowledge and expertise to integrate a package of renewable resources that meet Visa’s needs. We’re really pleased to show a tangible example of the benefits of allowing businesses in the commonwealth to have competitive choices in meeting renewable energy supply goals,” said David Black, CEO, MP2 Energy.

Established in 1958, Visa is a global payments technology company working to enable consumers, businesses, banks, and governments to use digital currency. Its advanced global processing network, VisaNet, provides secure and reliable payments and can handle more than 65,000 transaction messages a second. Its global commitment to sustainability and reducing the environmental footprint of its operations are components of commitment to leading environmental, social and governance (ESG) best practices