Greif Signs Virtual Power Purchase Agreement with Enel Green Power España to Accelerate Climate Action

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Greif, Inc. (NYSE: GEF, GEF.B), a global leader in industrial packaging, has signed a virtual power purchase agreement (VPPA) with Enel Green Power España (EGPE). This agreement marks a significant step towards Greif's sustainability goals, aiming to reduce Scope 1 and 2 greenhouse gas emissions by 28% by 2030 compared to 2019 levels.

The solar VPPA will generate renewable electricity representing about 65% of Greif's Scope 2 emissions in Europe and 3% of its global Scope 1 and 2 emissions. The 12-year agreement contributes to the development of two solar projects in Spain's Soria Province, with Greif purchasing approximately 70% of the projects' output, equating to 100 GWh per year.

This initiative aligns with Greif's broader sustainability strategy, focusing on reducing emissions, minimizing waste, and supporting the circular economy. It demonstrates the company's commitment to responsible growth and clean energy development.

DELAWARE, Ohio, Sept. 25, 2024 (GLOBE NEWSWIRE) -- Greif, Inc. (NYSE: GEF, GEF.B), a global leader in industrial packaging products and services, announced today the signing of a virtual power purchase agreement (VPPA) with Endesa’s renewal subsidiarity, Enel Green Power España (EGPE). The VPPA agreement signifies a critical advancement in Greif’s long-term sustainability and climate goals, further reinforcing the company’s commitment to reducing its environmental footprint.

The solar VPPA is a significant step toward achieving Greif's climate target to reduce its Scope 1 and 2 greenhouse gas emissions by 28% by 2030, compared to a 2019 baseline. The renewable electricity generated by the project represents approximately 65% of the company's Scope 2 emissions in Europe and approximately 3% of its global Scope 1 and 2 emissions. By adding renewable energy to the Spanish grid, this initiative not only drives meaningful emissions reductions but also supports a cleaner energy future.

"At Greif, we're serious about sustainability," said Ole Rosgaard, President and CEO of Greif. "This partnership represents a tangible step in advancing our climate strategy. It demonstrates our dedication to responsible growth while meeting our emissions reduction targets. We are proud to contribute to the development of solar energy infrastructure and to support the renewable energy transition by delivering clean, reliable power to the communities these projects serve.”

The solar VPPA contributed to the development of two solar projects in the Soria Province of Castilla y Léon, Spain under a 12-year agreement. Greif will purchase approximately 70% of the projects’ output, which translates to approximately 100 GWh per year.

The solar VPPA is a core component of Greif's broader sustainability strategy, which is centered on reducing greenhouse gas emissions, minimizing waste throughout its operations and being a pillar of the larger circular economy. The agreement aligns with the company's long-term vision of embedding sustainability into its value chain, delivering value to stakeholders while contributing to a more sustainable planet.

About Greif
Greif is a global leader in industrial packaging products and services and is pursuing its vision: be the best performing customer service company in the world. The Company produces steel, plastic and fibre drums, intermediate bulk containers, reconditioned containers, jerrycans and other small plastics, containerboard, corrugated sheets and products, uncoated recycled paperboard, coated recycled paperboard, tubes and cores and a diverse mix of specialty products The Company also manufactures packaging accessories and provides other services for a wide range of industries. In addition, Greif manages timber properties in the southeastern United States. The Company has a workforce of over 14,000 colleagues spread across more than 250 facilities in 37 countries to serve global as well as regional customers. Additional information is on the Company's website at www.greif.com.

Contact:
TJ Struhs
Director, Corporate Communications
+1 207-956-2304 / tj.struhs@greif.com

FAQ

What is the significance of Greif's VPPA with Enel Green Power España?

The VPPA is a important step in Greif's sustainability strategy, helping to reduce its Scope 1 and 2 greenhouse gas emissions by 28% by 2030. It represents about 65% of Greif's Scope 2 emissions in Europe and 3% of its global Scope 1 and 2 emissions.

How much renewable energy will Greif purchase through this agreement?

Greif will purchase approximately 70% of the output from two solar projects in Spain, which translates to about 100 GWh of renewable energy per year.

What is the duration of Greif's VPPA with Enel Green Power España?

The virtual power purchase agreement (VPPA) between Greif and Enel Green Power España is a 12-year agreement.

How does this VPPA contribute to Greif's overall sustainability goals?

The VPPA is a core component of Greif's sustainability strategy, which focuses on reducing greenhouse gas emissions, minimizing waste, and supporting the circular economy. It demonstrates Greif's commitment to responsible growth and clean energy development.

Where are the solar projects associated with Greif's VPPA located?

The solar projects associated with Greif's virtual power purchase agreement are located in the Soria Province of Castilla y Léon, Spain.