Gap has entered into an agreement with Enel Green Power. US-based Enel Green Power, is a leading owner and operator of renewable energy plants. This will allow the apparel retailer to meet its renewable energy goals by aggregating its distributed electricity load in the US and purchasing wind energy equivalent to the energy needs of over 1,500 retail stores in its global real estate portfolio. The agreement provides benefits both to the local grid by adding new clean generation, while also stabilizing operating costs for Gap in the face of fluctuating energy prices.

Gap is committed to renewable energy for 100 per cent of its stores, headquarters and distribution centers globally by 2030. Gap operates more than 3,300 stores worldwide. However, vast majority of its distributed store fleet are leased sites located in buildings and malls owned by landlords, limiting the company’s ability to implement onsite renewable energy assets.

Partnerships like these, which create immediate returns while furthering emission reduction strategies, once again reaffirm the strong bond between sustainability and value creation. By pursuing an offsite virtual power purchase agreement, Gap can address its unique real estate footprint, which lacks owned rooftop space, and achieve its carbon reduction targets while creating both business and environmental value.