EDF Renewables North America has signed a virtual power purchase agreement (VPPA) with fast food giant McDonald’s Corp (NYSE:MCD) that will support the construction of a 255-MW/332-MW DC solar park in Texas.
Specifically, McDonald’s will buy electricity from the project being developed by the unit of EDF Renewables, which is in turn part of France’s EDF Group. The VPPA has a term of 15 years, EDF Renewables said on Tuesday.
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Planned to be installed in 2023-2024, the Apollo Solar farm is expected to generate 619,000 MWh of electricity annually, or enough to meet the demand of more than 1,200 of McDonald’s restaurants in the US. The photovoltaic (PV) park is due to go online in June 2024.
The power off-take deal was signed to support McDonald’s sustainability goals and advance its commitment to climate action. “Apollo Solar plays a significant role in our science-based emissions reduction target for 2030 and brings a considerable amount of new renewable generation to the grid,” said Elaine Strunk, Director Global Sustainability at McDonald’s.
EDF Renewables estimates that the Apollo solar project will bring more than USD 30 million (EUR 30m) in tax revenue during operational life, while the construction phase will open around 300 jobs.
(USD 1.0 = EUR 1.000)