Rye Development has signed an agreement with Iron Mountain that provides the company with up to 150 MW of power over the next 10 years from several of Rye Development’s low-impact hydroelectric projects in the PJM wholesale electricity market.
Rye Development seeks to integrate power generation capabilities into existing dams that don’t generate electricity. This strategy allows for the creation of low-impact, clean energy sources without the need for additional disruption or the ecological impacts of new dam construction. Rye Development said it is pioneering a new type of renewable energy agreement that supports 24/7/365 carbon-free power for a data center operator.
The agreement with Iron Mountain — a storage, data center infrastructure, asset lifecycle management and information management services company – differs from a typical power purchase agreement under which a buyer agrees to purchase energy from a single renewable energy project for a set period of time, Rye Development said. Instead, Iron Mountain will purchase up to 150 MW of power over the next 10 years from several of Rye Development’s low-impact hydroelectric projects in the PJM market.
“Our agreement paves the way for a new era of clean energy production in the Mid-Atlantic region,” says Paul Jacob, chief executive officer of Rye Development. “By unlocking the potential of numerous low-impact hydro projects, we can work with Iron Mountain to meet their 100%, 24/7 renewable energy goals.”
