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Kraft Heinz Announces Agreement with Repsol in Company’s First Wind Energy Investment
Rhea-AI Impact
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Rhea-AI Sentiment
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Rhea-AI Summary
The Kraft Heinz Company (KHC) has entered into a 12-year virtual power purchase agreement with Repsol, aiming to source over 90 gigawatt hours of renewable energy annually. This initiative supports Kraft Heinz's goal to obtain the majority of its electricity from renewable sources by 2025, with expectations to power 90% of its European sites. The agreement aligns with the Company's ambition to achieve net zero emissions by 2050 and reduce emissions by 50% by 2030.
Positive
Partnership with Repsol for a 12-year virtual power purchase agreement to source renewable energy.
Aims to power 90% of Kraft Heinz's European manufacturing sites with renewable energy.
Supports Kraft Heinz's sustainability goals: net zero emissions by 2050 and 50% emissions reduction by 2030.
Negative
None.
Virtual power purchase agreement advances Kraft Heinz toward global environmental stewardship goal of procuring majority of electricity from renewable energy sources by 2025
PITTSBURGH & CHICAGO--(BUSINESS WIRE)--
The Kraft Heinz Company (Nasdaq: KHC) (“Kraft Heinz” or the “Company”) today announced a 12-year virtual power purchase agreement (“vPPA”) with Repsol, a global multi-energy company operating across more than 20 countries and based in Madrid, Spain. This agreement is the Company’s first investment in wind energy and is designed to help Kraft Heinz achieve its aspiration of procuring the majority of its electricity from renewable sources by 2025.
Kraft Heinz is expected to source over 90 gigawatt hours/year of renewable energy from Spanish producer Repsol’s largest wind project, Delta II (Aragon, Spain) – equivalent to powering approximately 90 percent of Kraft Heinz’s European manufacturing sites, which is the majority of its European load.
The vPPA is expected to generate enough renewable electricity to power approximately 25,000 average EU households per year at its peak.
“Our agreement with Repsol is a significant step in our efforts to reduce the impact of climate change,” said Rafael Oliveira, Executive Vice President and President, International Markets at Kraft Heinz. “I am proud of this investment in our International Zone, which we expect to contribute to our global goal of achieving net zero emissions by 2050, and reducing 50 percent of our emissions by 2030, while also helping our industry make the transition to renewable power.”
In 2021, Kraft Heinz announced its goal to achieve net zero greenhouse gas emissions across its operational footprint (Scope 1 and Scope 2) and entire global supply chain (Scope 3) by 2050, reaffirming its commitment to contribute to global efforts to reduce the ongoing threat of climate change.
"This 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 João Costeira, Repsol's Executive Director of Low Carbon Generation.
In December 2019, Repsol was the first company in its sector to make a commitment to be carbon neutral by 2050. Renewable power generation is one of the pillars of Repsol's decarbonization strategy: the targets of the company are 20 gigawatts (“GW”) of installed capacity by 2030 and 6 GW by 2025.
Download the latest Kraft Heinz ESG report to learn more about the Company’s climate ambitions and progress at www.kraftheinzcompany.com/esg. To learn more about Repsol, visit www.repsol.com/en.
About The Kraft Heinz Company
We are driving transformation at The Kraft Heinz Company (Nasdaq: KHC), inspired by our Purpose, Let’s Make Life Delicious. Consumers are at the center of everything we do. With 2021 net sales of approximately $26 billion, we are committed to growing our iconic and emerging food and beverage brands on a global scale. We leverage our scale and agility to unleash the full power of Kraft Heinz across a portfolio of six consumer-driven product platforms. As global citizens, we’re dedicated to making a sustainable, ethical impact while helping feed the world in healthy, responsible ways. Learn more about our journey by visiting www.kraftheinzcompany.com or following us on LinkedIn and Twitter.
Forward-Looking Statements
This press release contains a number of forward-looking statements. Words such as “achieve,” “advance,” “contribute,” “design,” “expect,” “procure,” “plan,” “reduce,” “target,” “will,” and variations of such words and similar future or conditional expressions are intended to identify forward-looking statements. These statements are not historical facts and are based on Kraft Heinz’s current beliefs, expectations, estimates, and projections. These forward-looking statements are subject to a number of risks and uncertainties, many of which are difficult to predict and beyond Kraft Heinz’s control, which could cause actual results to differ materially from those indicated in the forward-looking statements. Those factors include, but are not limited to, Kraft Heinz’s ability to achieve the intended benefits of the agreement and the risk factors set forth in Kraft Heinz’s filings with the Securities and Exchange Commission, including Kraft Heinz’s most recently filed Annual Report on Form 10-K and subsequent reports on Forms 10-Q and 8-K. Kraft Heinz disclaims and does not undertake any obligation to update, revise, or withdraw any forward-looking statement in this press release, except as required by applicable law or regulation.
What is Kraft Heinz's new renewable energy initiative?
Kraft Heinz has agreed to a 12-year virtual power purchase agreement with Repsol to source renewable energy, aiming for majority renewable electricity by 2025.
How much renewable energy will Kraft Heinz source from the agreement?
The agreement will allow Kraft Heinz to source over 90 gigawatt hours of renewable energy annually.
What are Kraft Heinz's sustainability goals?
Kraft Heinz aims to achieve net zero emissions by 2050 and a 50% reduction in emissions by 2030.
What percentage of Kraft Heinz's European sites will be powered by renewable energy?
The agreement is expected to power approximately 90% of Kraft Heinz's European manufacturing sites.
