Pharmaceutical giant Pfizer has signed a 310MW virtual power purchase agreement (VPPA) with Texan renewable energy company Vesper Energy under a 15-year agreement.
The agreement will see Vesper deliver at least 310MW of renewable energy to the grid that will “effectively power 100% of the projected power needs of Pfizer’s North American operations through clean solar energy,” said Vesper Energy.
The solar energy will be generated from Vesper’s 500MW Hornet Solar project in west Texas, which will be fully operational by the end of 2023.
“Vesper’s Hornet Solar project is a strong example of how we put high-quality renewable infrastructure to work to solve our customers’ energy challenges, while making meaningful contributions to the greater sustainability movement,” said Vesper CEO Craig Carson.
At the end of last year, Vesper closed a letter of credit facility for up to US$100 million and stated its intention to accelerate the development of its solar and storage pipeline in North America.