Brunswick Corporation signs Virtual Power Purchase Agreement with Vesper Energy to offset electricity demand with renewable solar energy
On January 4, 2022, Brunswick Corporation (NYSE: BC) announced a virtual power purchase agreement (VPPA) with Vesper Energy to secure clean solar energy for its global operations. The deal aims to supply approximately 57 MW of renewable energy annually from Vesper's 500 MW Hornet Solar project in Texas, expected to be operational by late 2023. Brunswick's commitment to sustainability is underscored by various recognitions in 2021 for its ESG initiatives, including being included in Forbes' lists for diversity and responsibility.
- Brunswick's VPPA with Vesper Energy demonstrates its commitment to sustainability and reducing carbon footprint.
- The partnership will diversify Brunswick's renewable energy portfolio, enhancing operational efficiency and sustainability.
- Recognition in 2021 for ESG initiatives strengthens Brunswick's brand image and market credibility.
- Potential operational risks associated with the large-scale solar project delays or failures could impact energy supply.
- Market conditions affecting renewable energy projects may introduce cost uncertainties in the future.
METTAWA, Ill., Jan. 04, 2022 (GLOBE NEWSWIRE) -- Brunswick Corporation (NYSE: BC) has entered into a virtual power purchase agreement (VPPA) with Vesper Energy (“Vesper”) to offset a majority of the projected electrical power needs of Brunswick’s global operations through clean solar energy.
Under the multi-year agreement, Vesper, a leading developer, owner, and operator of utility-scale renewable energy assets will deliver an estimated 57MW of renewable energy annually to the North American grid. The solar energy will be generated from Vesper’s 500 MW Hornet Solar project in Texas, which is targeted to be fully operational by the end of 2023. Vesper has commercialized over 680 MW of solar projects in the U.S. and has an existing 3 GW solar and 2.5 GWh energy storage development pipeline.
“We are proud to take the next step toward reducing our carbon footprint by entering into a contract with Vesper,” said Dave Foulkes, Brunswick CEO. “We understand the impact our businesses and products have on the environment and supporting the addition of more clean power to the grid is an excellent opportunity for us to continue leading the way in sustainable, responsible business practices.”
The commitment will diversify Brunswick’s renewable energy portfolio, which also includes on-site solar power systems at the Company’s Mercury Marine headquarters in Fond du Lac, Wisconsin, and European headquarters in Petit-Rechain, Belgium.
In 2021, Brunswick was recognized multiple times for its ESG initiatives, including being named to Forbes’ lists of America’s Best Employers for Women, America’s Best Employers for Diversity, and America’s Best Employers for Veterans. The company was recently named by Newsweek to its 2022 list of America’s Most Responsible Companies and was ranked in the Top 10 on the Forbes America’s Best Large Employers list, placing first in the Engineering and Manufacturing Category. Additionally, Mercury Marine, Brunswick’s largest division, has earned 11 consecutive Green Masters designations for sustainable business practices and initiatives from the Wisconsin Sustainable Business Council.
For more information about Brunswick’s sustainability strategy, performance and progress, visit https://www.brunswick.com/corporate-responsibility/sustainability.
About Brunswick Corporation
Headquartered in Mettawa, Illinois, Brunswick Corporation’s leading consumer brands include Mercury Marine outboard engines; Mercury MerCruiser sterndrive and inboard packages; Mercury global parts and accessories including propellers and SmartCraft electronics; Advanced Systems Group, which includes industry-leading brands such as Simrad, Lowrance, C-MAP, B&G, MotorGuide, Attwood, Mastervolt, RELiON, Blue Sea Systems, CZone, and ASG Connect system integrators; Land ’N’ Sea, BLA, Payne’s Marine, Kellogg Marine, and Lankhorst Taselaar marine parts distribution; Mercury and Quicksilver parts and oils; Bayliner, Boston Whaler, Crestliner, Cypress Cay, Harris, Heyday, Lowe, Lund, Princecraft, Quicksilver, Rayglass, Sea Ray, and Uttern boats; Boating Services Network, Freedom Boat Club and Boat Class. For more information, visit brunswick.com.
About Vesper Energy
Vesper Energy is a North American developer, owner and operator of utility-scale renewable energy and energy storage assets. It has commercialized over 680 MW of solar projects in the U.S. and has an existing 3 GW solar and 2.5 GWh energy storage development pipeline. Vesper Energy started as Lendlease Energy Development in 2015 and rebranded as Vesper Energy in 2020, after Magnetar Capital partnered with management to acquire the business.
Forward-Looking Statements
Certain statements in this news release are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current expectations, estimates, and projections about Brunswick’s business and by their nature address matters that are, to different degrees, uncertain. Words such as “may,” “could,” “should,” “expect,” "anticipate," "project," "position," “intend,” “target,” “plan,” “seek,” “estimate,” “believe,” “predict,” “outlook,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties that may cause actual results to differ materially from expectations as of the date of this news release. These risks include, but are not limited to: the effect of adverse general economic conditions, including the amount of disposable income consumers have available for discretionary spending; changes in currency exchange rates; fiscal policy concerns; adverse economic, credit, and capital market conditions; higher energy and fuel costs; competitive pricing pressures; the coronavirus (COVID-19) pandemic and the emergence of variant strains; managing our manufacturing footprint; adverse weather conditions, climate change events and other catastrophic event risks; international business risks; our ability to develop new and innovative products and services at a competitive price; our ability to meet demand in a rapidly changing environment; loss of key customers; actual or anticipated increases in costs, disruptions of supply, or defects in raw materials, parts, or components we purchase from third parties, including as a result of pressures due to the pandemic; supplier manufacturing constraints, increased demand for shipping carriers, and transportation disruptions; absorbing fixed costs in production; risks associated with joint ventures that do not operate solely for our benefit; our ability to successfully implement our strategic plan and growth initiatives; our ability to integrate acquisitions, including Navico, and the risk for associated disruption to our business; the risk that unexpected costs will be incurred in connection with the Navico transaction or the possibility that the expected synergies and value creation from the transaction will not be realized or will not be realized within the expected time period; attracting and retaining skilled labor, implementing succession plans for key leadership, and executing organizational and leadership changes; our ability to identify, complete, and integrate targeted acquisitions; the risk that strategic divestitures will not provide business benefits; maintaining effective distribution; adequate financing access for dealers and customers; requirements for us to repurchase inventory; inventory reductions by dealers, retailers, or independent boat builders; risks related to the Freedom Boat Club franchise business model; outages, breaches, or other cybersecurity events regarding our technology systems, which could affect manufacturing and business operations and could result in lost or stolen information and associated remediation costs; our ability to protect our brands and intellectual property; changes to U.S. trade policy and tariffs; any impairment to the value of goodwill and other assets; product liability, warranty, and other claims risks; legal and regulatory compliance, including increased costs, fines, and reputational risks; changes in income tax legislation or enforcement; managing our share repurchases; and risks associated with certain divisive shareholder activist actions.
FAQ
What is the significance of Brunswick's VPPA with Vesper Energy?
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