EDPR and Bristol Myers Squibb execute Power Purchase Agreement for the Cattlemen Solar Park
- 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;
- The project has an estimated capital investment of approximately $280 million and is anticipated to be operational in 2023.
EDP Renewables (Euronext: EDPR), the world's fourth largest renewable energy producer, 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. This contract is a part of the market notification EDPR issued on April 11, 2022.
The agreement will enable EDPR NA 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, tax payments to support local essential community services and job opportunities during construction and operations, among others. Cattlemen will also annually power the equivalent of more than 37,000 average homes and 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, COO EDPR North America. “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, totalling 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.