Duke Energy Sustainable Solutions to Build Largest Solar Project to Date; Pharma Company Signs VPPA

(Credit: Charles River Laboratories)

by | Jun 7, 2021

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(Credit: Charles River Laboratories)

Charles River Laboratories International, a provider of research tools and support services for pharmaceutical and biotechnology companies, has signed a long-term solar energy virtual power purchase agreement (VPPA) that will ultimately address the company’s entire North American electric power requirements.

The 15-year, 102 megawatt VPPA with Duke Energy Sustainable Solutions will generate about 250,0000 MWh of clean energy each year. The 250 MW Pisgah Ridge Solar project, located in Navarro County, Texas, will be the largest utility-scale solar facility in Duke Energy Sustainable Solutions’ fleet when it becomes fully operational in 2022.

VPPAs are specific types of power purchase agreements (PPAs) used to procure long-term renewable energy in a different region from where the off-taker uses electricity. With a VPPA, the buyer continues to receive physical power from its utility or retail provider. The agreement gives the buyer the ability to purchase renewable electricity with no start-up costs.

VPPAs can also help insulate companies against rising electricity costs over time by locking in a fixed price at today’s rates, usually for a period of 10 to 20 years. Electricity prices are currently at historic lows, and “many analysts expect them to increase over time. Hedging against this scenario through a VPPA can provide financial benefits for your company,” says Duke Energy.

(Learn more about PPAs and VPPAs in Environment + Energy Leader’s recent report, How to Choose the Right Solution for Your Renewable Energy & Sustainability Goals.)

Charles River Laboratories says the VPPA is a significant step towards its goal of achieving 100% renewable electricity globally by 2030, in cooperation with the RE100. Once the Pisgah Ridge Solar project is online, Charles River will be supplied by approximately 60% renewable electricity globally.

Since 2018, the company has reduced global GHG emissions by 26% through the procurement of renewable energy agreements at the regional or country level, as well as the implementation of energy conservation projects globally, says Gregg Belardo, senior Director of EHS and sustainability at Charles River.

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