By: Franyi Sarmiento, Ph.D., Inspenet, July 1, 2022
Repsol and Kraft Heinz have reached a long-term virtual power purchase agreement (VPPA) whereby the Spanish multi-energy company will supply 100% renewable electricity generated by 34.2 MW of capacity. This is the first investment in wind energy subscribed by the multinational food and beverage company, one of the largest in the world.
The twelve-year VPPA is linked to one of the Delta II wind farms, Repsol’s largest renewable project to date, which is already under development and, once completed, will have a total capacity of 860 MW distributed among 26 wind farms located in Aragon.
The contract will contribute to Kraft Heinz’s goals of getting the majority of the electricity it consumes from renewable sources by 2025 and halving its greenhouse gas emissions by 2030. VPPA is equivalent to supplying electricity to 90% of Kraft Heinz’s European production sites.
It also reinforces Repsol’s position as an industrial operator and demonstrates the validity and profitability of a growth model for renewable energies based on the development of projects from the initial phases through to commissioning.
“This new agreement with Kraft Heinz confirms once again the potential and attractiveness of our renewable assets for companies that are looking for guaranteed coverage of their long-term energy needs and, at the same time, obtain greater stability, which favors their competitiveness,” said Repsol’s Executive Director of Low Carbon Generation, João Costeira.
“Our agreement with Repsol is an important step in our efforts to reduce the impact of climate change,” said Rafael Oliveira, Executive Vice President and President of International Markets for Kraft Heinz. “I am proud of this investment in our International Zone, which we hope will contribute to our overall goal of achieving net zero emissions by 2050 and reducing 50% of our emissions by 2030, while helping our industry transition to renewable energy,” he added.
Repsol’s target for installed renewable generation capacity in 2025 is 6 GW and in 2030, 20 GW. The company currently has a portfolio of more than 1.6 GW of installed renewable capacity and is present in this business in Spain, the United States, Chile and Portugal. This June, Repsol incorporated EIP and Crédit Agricole Assurances as partners to grow its renewables business. Both Repsol and Kraft Heinz share the goal of being net zero emission companies by 2050, in line with the objectives established in the Paris Agreement.
This material from the Repsol portal was edited for clarity, style and length.
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