The Home Depot, The Hershey Company, and NRG Sign Solar Power Purchase Agreements with National Grid Renewables' Noble Project in Texas

Rhea-AI Summary

National Grid Renewables announced three solar power purchase agreements (PPAs) for the Noble Project in Denton County, Texas, which includes 275 MW of solar and 125 MWh of battery storage. The Home Depot and NRG each signed 100 MW PPAs, while The Hershey Company signed a 50 MW PPA. The project aims to offset 450,000 metric tons of CO2 emissions annually and is expected to create $26 million in tax revenue and 250 construction jobs. Operations are slated to commence in the first half of 2022, enhancing Texas's clean energy landscape.

Positive

• Execution of three significant PPAs totaling 250 MW enhances revenue potential.
• Estimated annual CO2 offset of 450,000 metric tons supports sustainability goals.
• Projected $26 million in new tax revenue for local economy over 20 years.
• Creation of approximately 250 jobs during construction boosts local employment.

Negative

• None.

MINNEAPOLIS, April 20, 2021 /PRNewswire/ -- As part of this year's Earth Day celebration, National Grid Renewables has announced the signing of three solar power purchase agreements (PPAs) for the Noble Project (Noble) currently under construction in Denton County, Texas. Noble consists of 275 megawatts (MW) of solar and 125 megawatt hours (MWh) of battery storage. The Home Depot and NRG have each executed individual 100 MW solar PPAs, and The Hershey Company has contracted for a 50 MW solar PPA.

Using the United States' Environmental Protection Agency's (EPA) greenhouse gas equivalencies calculator, Noble is estimated to offset carbon dioxide emissions by 450,000 metric tons annually during the first 20 years of operation and will support the clean energy goals of The Home Depot, NRG, and The Hershey Company.

"Our partnership with National Grid Renewables reinforces our commitment to reduce our impact by continually improving the efficiency of our operations and expanding investments in renewable and alternative energy," says Ron Jarvis, Chief Sustainability Officer at The Home Depot. "We are on track to meet or exceed our goal to procure or produce 335 megawatts of renewable or alternative energy by 2025."

"The call to decarbonize our economy continues to grow," said Robert Gaudette, Senior Vice President of NRG Energy, Inc. "We look forward to taking another step toward a more sustainable energy future. Through renewable energy and the support of local communities, we are able to provide our customers with more energy solutions."

"As a company, our sustainability goals are changing the way we do business," said Jeff King, Senior Director of Global Sustainability and Social Impact for The Hershey Company. "Solar projects, like Noble, will help us continue on our path towards increasing reliance on clean and renewable energy across all of our operations."

Noble is anticipated to begin operation in the first half of 2022 and will positively impact the local economy throughout construction and operation. During construction, Noble is anticipated to employ approximately 250 workers and will boost spending at local businesses. Throughout the first 20 years of operation, Noble is projected to benefit the community through the creation of approximately $26 million in new tax revenue, 3-5 on-site operations and maintenance jobs, and over $1 million in donations funded by Noble through a local charitable initiative.

"National Grid Renewables is proud to work with some of the nation's most prominent businesses to bring Noble forward for the local community of Denton and the state of Texas," stated David Reamer, Head of Development, US Onshore Renewables for National Grid Renewables. "Like all renewable energy projects, Noble will provide impactful, cost-effective, and reliable clean energy generation that will create tremendous economic benefits for local businesses and residents."

Noble will utilize next-generation Series 6 thin film solar modules developed and produced by First Solar, Inc. (Nasdaq: FSLR). "By using First Solar modules, Noble will generate some of the lowest carbon solar electricity possible today," said Georges Antoun, Chief Commercial Officer, First Solar. "With this project, National Grid Renewables demonstrates how lower carbon, responsible solar electricity produced with American solar technology can competitively and reliably power iconic US businesses."

About National Grid Renewables
National Grid Renewables, part of the competitive, unregulated National Grid Ventures division of National Grid (NYSE: NGG), develops, owns and operates large-scale renewable energy assets across the United States, including solar, wind and battery storage. As a farmer-friendly and community-focused business, National Grid Renewables develops projects for corporations and utilities that seek to repower America's electricity grid by reigniting local economies and reinvesting in a sustainable, clean energy future.

National Grid Renewables has a robust development pipeline of wind, solar and battery storage projects in various stages of development throughout the United States, as well as geographically diverse operational assets across the country. It supports National Grid's vision of being at the heart of a clean, fair, and affordable energy future for all. Please visit www.nationalgridrenewables.com to learn more.

About Home Depot
The Home Depot is the world's largest home improvement specialty retailer. The Home Depot operates a total of 2,298 retail stores in all 50 states, the District of Columbia, Puerto Rico, U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico. In fiscal 2020, The Home Depot had sales of $132.1 billion and earnings of $12.9 billion. The Home Depot employs approximately 500,000 associates. The Home Depot's stock is traded on the New York Stock Exchange (NYSE: HD) and is included in the Dow Jones industrial average and Standard & Poor's 500 index.

About NRG
NRG is bringing the power of energy to people and organizations by putting customers at the center of everything they do. They generate electricity and provide energy solutions and natural gas to millions of customers through its diverse portfolio of retail brands. A Fortune 500 company operating in the United States and Canada, NRG delivers innovative solutions while advocating for competitive energy markets and customer choice, working towards a sustainable energy future. NRG is committed to a science-based goal of reducing carbon emissions by 50 percent by 2025 and achieving net-zero by 2050. More information is available at www.nrg.com. Connect with NRG on Facebook, LinkedIn and follow them on Twitter @nrgenergy.

About The Hershey Company
The Hershey Company is headquartered in Hershey, Pa. and is an industry-leading snacks company known for bringing goodness to the world through its iconic brands, remarkable people and enduring commitment to help children succeed. Hershey has approximately 17,000 employees around the world who work every day to deliver delicious, quality products. Hershey has more than 90 brands around the world that drive more than $8 billion in annual revenues, including such iconic brand names as Hershey's, Reese's, Kit Kat®, Jolly Rancher, Ice Breakers, SkinnyPop, and Pirate's Booty. In March 2021, Hershey announced new commitments to advance its environmental progress and contribute to global climate action, including ambitious new goals to reduce its global emissions in line with the global best practice of the Paris Climate Agreement, to limit global temperature rise to 1.5°C. For more than 125 years, Hershey has been committed to operating fairly, ethically and sustainably. Hershey founder, Milton Hershey, created the Milton Hershey School in 1909 and since then the company has focused on helping children succeed. To learn more visit www.thehersheycompany.com.

About First Solar
First Solar is a leading American solar technology company and global provider of responsibly-produced eco-efficient solar modules advancing the fight against climate change. Developed at R&D labs in California and Ohio, First Solar's advanced thin film photovoltaic (PV) modules represent the next generation of solar technologies, providing a competitive, high-performance, lower-carbon alternative to conventional crystalline silicon PV panels. From raw material sourcing and manufacturing through end-of-life module recycling, First Solar's approach to technology embodies sustainability and a responsibility towards people and the planet. For more information, please visit www.firstsolar.com.

Contact:           Lindsay Smith
                         Director, Marketing & Communications
                         National Grid Renewables
                         lindsay@nationalgridrenewables.com  
                         952-358-5672

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SOURCE National Grid Renewables

FAQ

What are the solar purchase agreements signed by National Grid Renewables?

National Grid Renewables signed three solar power purchase agreements for the Noble Project, totaling 250 MW, with Home Depot, NRG, and Hershey Company.

How much CO2 emissions will the Noble Project offset?

The Noble Project is estimated to offset 450,000 metric tons of CO2 emissions annually during its first 20 years of operation.

When is the Noble Project expected to start operations?

The Noble Project is anticipated to begin operations in the first half of 2022.

What financial impact will the Noble Project have on the local economy?

The Noble Project is projected to generate $26 million in new tax revenue and create 250 construction jobs.

Who are the corporate partners involved in the Noble Project?

The Corporate partners are The Home Depot, NRG, and The Hershey Company, who signed solar purchase agreements with National Grid Renewables.