Campbell Enters Into Renewable Energy Agreement With Enel North America to Advance Greenhouse Gas Reduction Targets
November 21 2022 - 8:00AM
Business Wire
Campbell Soup Company (NYSE: CPB) and Enel North America
today announced a 12-year virtual renewable power purchase
agreement, supporting Campbell’s goals to reduce greenhouse gas
emissions. Through the agreement Campbell will purchase the
electricity and the associated renewable energy credits from a 115
megawatt share of Enel’s Seven Cowboy wind project in Oklahoma. The
contract is expected to commence in July 2023.
“Improving the sustainability of the agriculture and food value
chain is important to Campbell,” said Stewart Lindsay, Campbell’s
Vice President, Corporate Responsibility and Sustainability.
“Reducing emissions is a key part of this work, and the agreement
with Enel North America provides a significant step forward in
meeting our science-based emissions targets.”
The renewable energy credits retained through the agreement will
reduce Campbell’s Scope 2 GHG emissions, enabling the company to
make substantial progress toward achieving its science-based target
to reduce its combined Scope 1 and 2 GHG emissions 42% by fiscal
year 2030. Using expected production from Campbell’s portion of the
wind project, the renewable electricity is estimated to avoid
approximately 191,000 metric tons of CO2 emissions every year, or
the equivalent of approximately 29% of Campbell’s fiscal year 2021
combined Scope 1 and 2 emissions.
“We are proud to support Campbell’s goal to create a more
sustainable food system,” said Paolo Romanacci, head of Enel North
America’s renewable energy business, Enel Green Power. “This
agreement demonstrates how food and beverage companies like
Campbell can leverage clean energy solutions to achieve their
emissions reduction goals, while also supporting the addition of
new renewable energy to the electric grid.”
Located southwest of Oklahoma City, the Seven Cowboy wind
project will have 107 turbines that are expected to generate over
1.3 terawatt hours of energy each year, equivalent to the
electricity needs of over 120,000 U.S. households.
To learn more about Campbell’s environmental, social, and
governance strategy, goals, progress, and recognitions, visit
campbellsoupcompany.com/our-impact.
About Campbell Soup Company For more than 150 years,
Campbell (NYSE: CPB) has been connecting people through food they
love. Generations of consumers have trusted Campbell to provide
delicious and affordable food and beverages. Headquartered in
Camden, N.J. since 1869, Campbell generated fiscal 2022 net sales
of nearly $8.6 billion. Our portfolio includes iconic brands such
as Campbell’s, Cape Cod, Goldfish, Kettle Brand, Lance, Late July,
Milano, Pace, Pacific Foods, Pepperidge Farm, Prego, Snyder’s of
Hanover, Swanson and V8. Campbell has a heritage of giving back and
acting as a good steward of the environment. The company is a
member of the Standard & Poor's 500 as well as the FTSE4Good
and Bloomberg Gender-Equality Indices. For more information, visit
www.campbellsoupcompany.com or follow company news on Twitter via
@CampbellSoupCo.
About Enel North America Enel North America, part of the
Enel Group, is a clean energy leader in North America and is
working to electrify the economy and build a net-zero carbon future
by decarbonizing energy supply, electrifying transportation,
creating resilient grids, and promoting a just, equitable
transition. Enel North America serves over 4,500 businesses,
utilities, and cities through renewable power generation, demand
response, distributed energy resources, smart e-mobility solutions
and services, energy trading, advisory and consulting services, and
more. Its portfolio includes over 8 GW of utility-scale renewable
capacity, 606 MW / 882 MWh of utility-scale energy storage and 63
MW / 145 MWh of distributed energy storage capacity, 4.7 GW of
demand response capacity, and 110,000 electric vehicle charging
stations. Visit enelnorthamerica.com and follow us on LinkedIn,
Twitter, and YouTube to learn more.
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version on businesswire.com: https://www.businesswire.com/news/home/20221118005590/en/
Investor Contact: Rebecca Gardy (856) 342-6081
Rebecca_Gardy@campbells.com Media Contact: James Regan (856)
219-6409 James_Regan@campbells.com Enel Media Contact: Matt
Epting (405) 358-3446 Matt.Epting@enel.com
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