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    Kraft Heinz signs virtual power purchase agreement with Repsol


    June 28, 2022 - EquityBites

     

      Food and beverage group The Kraft Heinz Company (Nasdaq:KHC) revealed on Tuesday that it has entered into a 12-year virtual power purchase agreement (vPPA) with global multi-energy company Repsol, which is based in Madrid, Spain and operates across more than 20 countries.

      Kraft Heinz said this agreement is its first investment in wind energy and is designed to help company achieve its aim of procuring the majority of its electricity from renewable sources by 2025.

      According to Kraft Heinz, it expects to source over 90 gigawatt hours/year of renewable energy from Repsol's largest wind project, Delta II, in Aragon, Spain. This is equivalent to powering approximately 90% of Kraft Heinz's European manufacturing sites, the majority of its European load.

      The company added that at its peak, the vPPA is expected to generate enough renewable electricity to power approximately 25,000 average EU households per year.

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