EDP Renewables and Bristol Myers Squibb Execute Power Purchase Agreement for the Cattlemen Solar Park – EQ Mag Pro
Long-term agreement will enable the continued development and eventual construction and operation of the Texas solar park that will annually power the equivalent of more than 37,000 average homes.
Houston, Texas : EDP Renewables SA (EDPR), through its fully owned subsidiary EDP Renewables North America LLC (EDPR NA), and Bristol Myers Squibb (NYSE: BMY) have executed a 15-year power purchase agreement (PPA) for 60 megawatts (MW) at the 240-MW Cattlemen Solar Park in Milam County, located in central Texas.
The agreement will enable EDP Renewables North America to further develop Cattlemen Solar Park, which has an estimated capital investment of approximately $280 million and is anticipated to be operational in 2023. The project will generate economic benefits including landowner payments, and tax payments in the amount of an estimated $55 million which will support local schools and other essential community services, job opportunities during construction and operations, and more money spent at local businesses. Cattlemen will also save approximately 304 million gallons of water a year, which is the amount of water that would be needed by conventional generation sources to produce the same amount of capacity as the solar park.
Bristol Myers Squibb, in line with its long-term environmental sustainability goals, has stated that by 2030 it will purchase 100 percent of the electricity it uses from renewable sources. The PPA with EDP Renewables’ Cattlemen Solar Park marks a significant step toward achieving this goal. Edison Energy, LLC served as advisors, providing data and analytics that enabled BMS to examine the long-term implications of its investment.
“As a leading global biopharma company, BMS recognizes the critical link between climate change and human health, and our dedication to transforming patients’ lives through science underpins our approach to environmental sustainability,” said Danielle Menture, vice president of Sustainability, EHS and Occupational Health. “This agreement not only is an important milepost in our sustainability journey but also is a step toward a clean energy future for everyone.”
“We are delighted to partner with Bristol Myers Squibb on this arrangement that will help in making further strides toward achieving their environmental goals,” said Sandhya Ganapathy, EDP Renewables North America CEO. “Texas leads the nation in installed wind, solar, and storage capacity, and EDPR is proud to have the opportunity to bring more solar energy online and generate new local and statewide economic benefits in the Lone Star State.”
EDP Renewables is a renewable energy industry leader in Texas. To date, the company owns and operates six wind energy projects in the state, totaling 1,089 MW of capacity, which generate electricity equivalent to the consumption of more than 236,000 average Texas homes. Through its projects as well as its North American headquarters in Houston, EDP Renewables has contributed mightily to the Texas economy, through the more than 550 Texans it employs and an estimated $1.9 billion in capital investment.
About EDP Renewables North America
EDP Renewables North America LLC (EDPR NA), its affiliates, and its subsidiaries develop, construct, own, and operate wind farms and solar parks throughout North America. Headquartered in Houston, Texas, with 58 wind farms, nine solar parks, and seven regional offices across North America, EDPR NA has developed more than 8,800 megawatts (MW) and operates more than 8,200 MW of onshore utility-scale renewable energy projects. With more than 950 employees, EDPR NA’s highly qualified team has a proven capacity to execute projects across the continent.
About EDP Renewables
EDP Renewables (Euronext: EDPR), is a global leader in the renewable energy sector and the fourth largest producer worldwide. With its robust development portfolio, first-class assets, and a market-leading operating capacity, EDPR has shown extraordinary growth over the past few years, with a presence in 26 markets across Europe, Latin America, North America, and Asia.
EDPR is a driver of social progress with its commitment to sustainability and integration, with their employee-centred policies earning them a listing in the Bloomberg Gender-Equality Index and seeing them named a Top Employer 2022 in Europe (Spain, Italy, France, Romania, Portugal, and Poland) and Brazil, as well as a Top Workplace 2022 in the United States.
EDP – EDPR’s main shareholder – is a global energy company and a leader in value creation, innovation, and sustainability. EDP has been listed on the Dow Jones Index for 14 consecutive years, recently being named the most sustainable electricity company on the Index.
About Bristol Myers Squibb
Bristol Myers Squibb is a global biopharmaceutical company whose mission is to discover, develop and deliver innovative medicines that help patients prevail over serious diseases.
