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December 22 (Renewables Now) - US renewables developer Vesper Energy has signed a 15-year virtual power purchase agreement (VPPA) with Zoetis Inc (NYSE:ZTS) that will see the animal health company get power from a 500-MW solar park in Texas.
Under the deal, Zoetis will be supplied with electricity coming from an over 40-MW portion of the solar farm’s capacity, Vesper said on Tuesday. The contract will be valid for 15 years and will cover 33% of the projected power demand of Zoetis' North American operations.
The contracted electricity will be sourced from Vesper Energy's 500-MW Hornet Solar project in west Texas. The complex is scheduled to become fully operational by the end of 2023. The output of at least 310 MW of its overall capacity will go to US pharmaceutical giant Pfizer Inc (NYSE:PFE), which in October entered a 15-year VPPA with the project owner.
Vesper Energy, majority-owned by funds and accounts managed by Magnetar Capital, has commercialised more than 680 MW of solar projects in the US and has a development pipeline of 3 GW of solar capacity and 2.5 GWh of energy storage.