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EDF Renewables North America Signs Agreement with McDonald’s Corporation for Apollo Solar Project
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
McDonald’s has entered a 15-year virtual power purchase agreement with EDF Renewables North America for the Apollo Solar project, set to generate 619,000 MWh of low-carbon energy annually, enough to power over 1,200 U.S. restaurants. The project, located in Texas, will begin delivering energy in June 2024, creating approximately 300 jobs and generating over $30 million in tax revenue. This initiative supports McDonald’s commitment to climate action, significantly reducing greenhouse gas emissions equivalent to 95,000 vehicles yearly.
Positive
15-year VPPA with EDF Renewables to generate 619,000 MWh of low-carbon energy annually.
Supports McDonald’s sustainability goals and reduces GHG emissions significantly.
Will create approximately 300 jobs during construction and generate over $30 million in tax revenue.
Negative
None.
Project will generate low-carbon energy to meet the consumption of over 1,200 U.S.McDonald’s restaurants
Approximately 300 jobs are expected to be created during the 2023-2024 construction phase with more than $30 million generated in new tax revenue over the operating life for taxing entities. Apollo Solar will produce clean energy while minimizing impacts to wildlife, habitat, and other environmental resources.
“We applaud McDonald’s for taking action on climate change and are honored to partner with them to address their restaurant electricity carbon footprint,” said Matt McCluskey, Vice President Development, South Central Region for EDF Renewables. “Through the purchase of clean energy from Apollo Solar, McDonald's will be able to reduce GHG emissions in support of their sustainability goals while the project construction phase will provide the local community with a boost to the economy through job creation, local spending with vendors, and an expanded tax base.”
McCluskey continued, “It’s been a great pleasure to work with a counterparty such as McDonald’s who is willing to provide the flexibility needed to bring the Apollo Solar Project to fruition during these uncertain times for the solar industry. EDF Renewables is committed to continuing its successful partnerships with corporate and industrial customers who have emerged as large buyers of renewable energy.”
“We are thrilled to add EDF Renewables and the Apollo Solar project to our U.S. renewable energy portfolio as part of our continued commitment to climate action,” said Elaine Strunk, Sr. Director Global Sustainability, McDonald’s. “Apollo Solar plays a significant role in our science-based emissions reduction target for 2030 and brings a considerable amount of new renewable generation to the grid. Together with EDF Renewables, this project furthers our shared goal of making a more sustainable planet for generations to come.”
Strunk added: “Importantly, McDonald's has a responsibility to foster positive impact in the local communities it serves, and we are excited about the meaningful economic opportunities Apollo Solar will help create for those living in the area.”
Walid Norris, Vice President, Client Solutions for CustomerFirst Renewables said, “Corporate demand for clean energy has remained strong despite the supply chain issues troubling the solar market. The McDonald’s team was determined through their use of innovative contracting structures to execute a major solar procurement that would significantly reduce their greenhouse gas emissions, and they found a great partner with EDF Renewables. We are proud to have supported them in this effort and congratulate all parties involved for reaching this exciting outcome.”
Once complete, the project is expected to generate 619,000 MWh of low-carbon energy annually, enough to meet the consumption of over 1,200 U.S.McDonald’s restaurants1. This is equivalent to avoiding over 439,000 metric tons of carbon (CO₂) emissions annually which represents the greenhouse gas emissions from over 95,000 passenger vehicles driven over the course of one year2.
EDF Renewables, one of the largest renewable developers in North America, is committed to providing solutions to meet our customer’s carbon-reduction goals. With 35 years of experience and 24 gigawatts of wind, solar, and storage projects developed, EDF Renewables provides integrated energy solutions from grid-scale power to electric vehicle charging.
1 According to the average electricity consumption of a U.S.McDonald’s restaurant in 2021.
2 According to U.S. EPA Greenhouse Gas Equivalencies calculations and typical transmission assumptions.
EDF Renewables North America is a market leading independent power producer and service provider with 35 years of expertise in renewable energy. The Company delivers grid-scale power: wind (onshore and offshore), solar photovoltaic, and storage projects; distribution-scale power: solar and storage; asset optimization: technical, operational, and commercial expertise to maximize performance of generating projects, and onsite solutions, through the Company’s PowerFlex subsidiary, offering a full suite of onsite energy solutions for commercial and industrial customers: solar, storage, EV charging, energy management systems, and microgrids. EDF Renewables’ North American portfolio consists of 24 GW of developed projects and 13 GW under service contracts. EDF Renewables North America is a subsidiary of EDF Renewables, the dedicated renewable energy affiliate of the EDF Group. For more information visit: www.edf-re.com. Connect with us on LinkedIn, Facebook and Twitter.
