Repsol reaches a renewable power purchase agreement with Charles River Laboratories
Repsol and Charles River Laboratories International have inked an agreement through which the multi-energy company will supply 100% renewable energy generated from 30,5 MW of wind capacity to the US-based supplier of products and services to pharmaceutical and biotechnology companies, government agencies, and academic institutions around the world.
The virtual power purchase agreement (VPPA) is associated with a wind farm that will be completed in 2023 and is part of Delta II, Repsol's largest renewable project to date, which has already begun construction and, once finished, will have a total capacity of 860 MW distributed among 26 wind farms located in the eastern Spanish region of Aragon.
“This agreement marks yet another example of Repsol's continued development of its low-carbon generation business with assets that deliver both quality and profitability for partners and investors such as Charles River, which secures the corresponding benefits of powering its facilities with renewable energy”, said João Costeira, Executive Director of Low Carbon Generation at Repsol.
“Charles River has continued to drive down our Scope 1 and 2 GHG reductions toward our goal of a 50% reduction on an absolute basis by 2030, achieving a 26% reduction from 2018 to 2020. This European VPPA will move us significantly closer to meeting our overall goal of a 50% reduction by 2030”, added Gregg Belardo, Senior Director of EHS & Sustainability at Charles River. The VPPA will address the entirety of the company’s European power requirements with renewable energy by 2023.
Renewable power generation is one of the pillars of Repsol's decarbonization strategy. As a result, the company recently raised its installed capacity targets for 2030 to 20 GW, an increase of 60% over the previous target. By 2025, installed capacity will increase to 6 GW.
In October 2021, Repsol increased its investment ambitions for low-carbon projects. Between 2021 and 2025, the Madrid-based multi-energy company will allocate an additional €1 billion to low-carbon projects, raising the total to €6.5 billion from the €5.5 billion set out in the Strategic Plan approved in November 2020. Moreover, in December 2019, Repsol became the first company in its sector to commit to carbon neutrality by 2050.