Scout Clean Energy Announces 12-Year Virtual Power Purchase Agreement With Zoetis Inc.

Author: Benzinga Newsdesk | April 18, 2024 09:12am

Scout Clean Energy (Scout), a Colorado-based renewable energy developer-owner-operator, is pleased to announce they have signed a Virtual Power Purchase Agreement (VPPA) with Zoetis Inc. for a 50-megawatt (MW) portion of Scout's operating Heart of Texas Wind Farm. This constitutes more than one-fourth of the total capacity of the 180 MW project, which produces enough electricity annually to power approximately 67,000 homes.

"We're proud to work with ambitious partners like Zoetis to find creative solutions for renewable procurement," said Michael Rucker, chief executive officer and founder at Scout. "Heart of Texas is an outstanding project and will deliver excellent value to Zoetis as it pursues carbon neutrality."

Heart of Texas, located in McCulloch County, was constructed in 2020 and is owned and operated by Scout, a portfolio company managed by Brookfield Asset Management, a global leader of renewable power and decarbonization solutions. The project supports the local economy through tax incentive agreements with McCulloch County, McCulloch County Hospital District, and Lohn Independent School District.

This VPPA is part of Zoetis' roadmap to achieve carbon neutrality in its own operations by 2030. The 12-year term contract will not only secure renewable energy, but also generate Renewable Energy Certificates (RECs) which will play a role in reducing Zoetis' emissions as part of the RE100 initiative.

"This partnership with Scout Clean Energy reflects our priority to advance sustainability in animal health for a better future," said Jeannette Ferran Astorga, Executive Vice President, Corporate Affairs, Communications and Chief Sustainability Officer at Zoetis. "Through this Virtual Power Purchase Agreement, we are not only securing renewable energy, but also advancing how we can reduce our carbon footprint."

Posted In: ZTS