Swiss multinational pharmaceutical company Novartis AG (SWX:NOVN) has inked a virtual power purchase agreement (PPA) for a third of the planned capacity of Invenergy’s 300-MW Santa Rita East wind farm in Texas.
The newly-signed deal has a term of 12 years and concerns a 100-MW portion of the wind park. Invenergy will build the particular facility about 70 miles west of San Angelo, with plans for it to start operations next year.
The signing of this virtual PPA is part of Novartis environmental strategy and is expected to help the company cut greenhouse gas emissions by over 220,000 tonnes per year.
In April, Mexico-based baking company Grupo Bimbo agreed to buy the electricity generated by a further 100 MW of the Santa Rita East wind farm through a similar deal.