2023-11-17 11:03:23
Matrix Renewables, the global renewable energy platform backed by TPG Rise, has announced the signing of a series of Virtual Power Purchase Agreements (Virtual Power Purchase Agreements, VPPA) with Merck, a leading science and technology company.
Matrix will provide Merck with more than 102MW of solar energy capacity over a 10-year period. Starting in 2025, Merck will acquire electricity from three newly built solar plants located in Spain. The solar parks will provide approximately 200 GWh of renewable electricity per year.
These agreements – the first VPPAs signed between Merck and Matrix Renewables – promote the development of Matrix’s portfolio, while supporting Merck in its sustainability goal to become climate neutral in 2040. To this end, Merck wants to cover 80% of its electricity with renewable energy by 2030.
The VPPA agreements also include high ESG standards with greater traceability in the solar panel supply chain to ensure compliance with human rights in key supply chains.
Chris Matthews, Managing Director for Europe and Latin America at Matrix Renewables, said: “Matrix Renewables is pleased to announce this agreement with Merck in which we are supplying clean, cost-effective energy to Merck operations through our solar projects in Spain. We are very excited about the long-term collaboration with Merck, and supporting it in meeting its global corporate sustainability objectives.“
Laurent Villiers, Associate Director for Sites Services and Energy Procurement para Europa de Merck, ha declarado: “Merck is proud to contribute to the development of new solar production capacity in Europe, in line with our sustainability goals. The joint initiative with Matrix Renewables will allow our company to significantly reduce its carbon footprint in the long term.“
These new VPPA agreements represent a major step for Merck in the execution of its sustainability strategy in Europe, and a demonstration of Matrix’s continued momentum and growth since its founding. Altenex Energy (DBA Edison Energy in the US) advised Merck on this agreement, facilitating the VPPA process and providing support in the analysis and negotiation of the contract.
Press contact: Inmaculada Bejarano
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