September 19 (Renewables Now) - Japanese biopharmaceutical company Takeda (TYO:4502) has signed a virtual power purchase agreement (VPPA) for a 79-MW part of the 300-MW Seven Cowboy wind project in Oklahoma of Enel North America, part of Italy's Enel (BIT:ENEL).
The 12-year agreement, announced today, will see Takeda buy about 350,000 MWh of electricity from Enel a year, which is enough to meet Takeda’s expected electricity needs in the US. The wind facility should be online by 2023.
The deal supports Takeda’s targets of reducing 40% of scopes 1 and 2 greenhouse gas (GHG) emissions by 2025 and reaching net-zero GHG emissions for scopes 1 and 2 by 2035.
"This was a cutting-edge transaction in which Takeda has enabled construction of the project and reduced its emissions through a virtual power purchase agreement, while also stabilising costs via an innovative volatility protection structure,” commented Hannah Badrei of Edison Energy, which advised on the contract.
Construction of the Seven Cowboy wind plant started in March.