EDF signs deals to help L'Oreal reach carbon neutrality targets by 2025
Reuters
Published Feb 21, 2023 18:17
Updated Feb 21, 2023 18:56
By Dina Kartit
(Reuters) -French power giant EDF (EPA:EDF) said on Tuesday it signed two new electricity contracts with L'Oreal to help the France-based cosmetics maker achieve carbon neutrality for all its sites by 2025.
The contracts include the direct purchase by L'Oreal Group of electricity from renewable sources with EDF Renouvelables under a Corporate Power Purchase Agreement (C-PPA), from the production of two solar farms aggregated by EDF's subsidiary Agregio.
They also include an electricity supply contract with EDF over 2024 and 2025 to supply L'Oréal (EPA:OREP)'s production sites in France, including volume from the C-PPA.
The direct purchases cover the supply for 15 years of the entire production of two solar power plants to be built and operated by EDF Renewables, with a combined installed capacity of 27 megawatt-peak (MWp).
"With these contracts, L'Oréal Group will benefit from a controlled purchase price over the long term, will guarantee the renewable origin of the electricity thus purchased and will develop new capacities for its activities," EDF said in a statement.
The first solar power plants should be operational by the third quarter of 2024 and the second by the second quarter of 2025, EDF said, adding they will produce about 25% of L'Oréal Group's electricity consumption in France.
The signing of these two contracts adds up to the 5.3 GW of renewable PPAs signed by EDF worldwide since 2010, the energy company said.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.