Commercial, Solar - September 18, 2023
Colgate-Palmolive Signs PPA for Texas Solar
Colgate-Palmolive announced it signed a 20-year virtual power purchase agreement (VPPA) for a solar energy farm outside of Waco, Texas.
The 209-megawatt Markum Solar Farm is anticipated to start operations in 2025 and is expected to produce the equivalent of 100% of the company’s U.S.-based operational electricity needs.
The consumer durables, household and personal products company also had its net zero carbon targets approved by The Science Based Targets initiative (SBTi).
“Colgate is committed to making progress towards our ambitious Net Zero goals, and we are pursuing this important priority through innovative and diverse ways that are proven and measurable,” said Ann Tracy, Chief Sustainability Officer, in a statement. “Renewable energy agreements are a valuable part of our renewable energy master plan and will help us achieve our targets of Net Zero carbon emissions by 2040 and 100% renewable electricity across our global operations by 2030.”
Colgate continues to construct onsite solar projects for operations globally. In 2022, the company completed four new onsite solar installations at Colgate facilities in Turkey, South Africa, Argentina and Brazil, bringing the total number of locations with onsite solar to 17. As of December 31, 2022, approximately 52% of Colgate’s global electricity consumption was sourced from renewable energy.
The new solar farm is being developed by Scout Clean Energy, a portfolio company of Brookfield Asset Management. 3Degrees advised Colgate on the VPPA agreement.
- At Colgate-Palmolive, a coalescence of climate, energy goals helps drive efficiency achievements
- Colgate-Palmolive surpasses GHG reduction goal
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- Colgate-Palmolive cuts emissions and increases RE by a third
- Colgate-Palmolive eyes net zero by 2040, 100% RE by 2030