EDP Renewables, through its subsidiary EDP Renewables North America, has signed a 15-year power purchase agreement (PPA) with American pharmaceutical company Bristol Myers Squibb for 60 MW renewable energy from the 240-MW Cattlemen Solar Park in Milam County, Texas.
Meta, the parent company of Facebook, has also signed a power purchase agreement earlier this month for 156 MW of the project.
The deal will allow EDP Renewables North America to continue developing Cattlemen Solar Park, whose capital expenditure is estimated at around US$280 million and is expected to be operational in 2023.
The project is expected to generate economic benefits including landowner payments and tax payments in an estimated amount of US$55 million which will support local schools and other important community services, as well as employment opportunities during construction and operations, and more money spent at local businesses.
Bristol Myers Squibb has declared that by 2030, it would acquire 100% of its power from renewable sources, in keeping with its long-term environmental sustainability goals. The PPA with EDP Renewables’ Cattlemen Solar Park is a step towards the company’s target.
In addition to the contract with Bristol Myers Squibb, EDP Renewables stated last week that it had signed PPAs for a three-project solar portfolio in the United States with a total capacity of 425 MW. The contracts cover the production of three plants, including a 175-MW facility in Mississippi County, Arkansas, a 100-MW solar park in Madison County, Mississippi, and a 150-MW plant in Randolph County, Indiana.
In a statement, EDP Renewables said it now has 9.3 GW of overall secured capacity for the 2021-2025 period, including 4.2 GW of solar.
According to the company’s report, in the first quarter of 2022, the production of the company’s renewable power plants increased by 14% year on year to 9.2 TWh. The growth was attributed to greater installed capacity and steady resources in Europe, North America, and Brazil.
The most notable growth among the company's markets was in Canada, where its generation increased by 283%. Brazil and the United States came in second and third, with yearly growth rates of 122% and 11%, respectively.
