Philips North America to go 100% renewable with EDP's help

Dutch company Royal Philips (AMS:PHIA) said Tuesday it has agreed to buy enough wind power from a unit of EDP Renewables to cover the needs of its 133 sites in North America.

Under the terms of the deal, financial details on which were not disclosed, Philips North America will purchase 250 GWh of power per year over the next 15 years from the Hidalgo Wind Farm in Texas. With the power purchase agreement (PPA) with EDP Renewables North America, Philips will be using 100% renewable energy on the continent at the end of 2016.

“By offsetting our North American operations with renewable energy, we will reduce the Philips global carbon footprint by 8.6%, support the local economy and positively impact our bottom line, demonstrating the private sector can benefit from and help drive clean energy,” said Brent Shafer, CEO of Philips North America.

Royal Philips’ operations already use 55% renewable energy and the company has pledged to be carbon neutral globally by 2020. In North America it already has some wind and solar power generation capacity installed at two sites. Shafer pointed out that the newly announced PPA will allow a brand-new wind farm to be built in Texas.

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