Fortune Brands Innovations Inc.
09/25/2024 | Press release | Distributed by Public on 09/25/2024 09:31
Fortune Brands Innovations Signs Virtual Power Purchase Agreement
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Fortune Brands Innovations Signs Virtual Power Purchase Agreement
September 25, 2024
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Fortune Brands Innovations is pleased to announce we have executed a virtual power purchase agreement (VPPA), further demonstrating that we are making strides toward reducing our carbon emissions and achieving our emissions reduction and renewable energy goals.
Through the VPPA, Fortune Brands will support the construction of a solar energy array in California. This renewable energy project is slated for completion in a few years, with energy generation to commence in early 2028.
The VPPA will facilitate the development and construction of 60 MW of new solar energy capacity. Under the 15-year VPPA, FBIN expects to receive renewable energy certificates (RECs) equivalent to approximately 68% of our total 2023 electricity usage. The VPPA will significantly contribute to the company's goals to offset 50% of our electricity usage with renewable sources and achieve a 30% reduction in absolute Scope 1 and Scope 2 carbon emissions by 2030.
Fortune Brands' agreement is with a subsidiary of solar project developer Terra-Gen, LLC, one of the largest independent renewable energy producers in the U.S. Fortune Brands worked with Schneider Electricto broker favorable terms and pricing for the deal.
As part of our ONE Home program and Home Planet pillar, Fortune Brands is committed to reducing our carbon impact on the environment while continuing to manufacture our products, serve our customers and create value for all our stakeholders. We believe this VPPA is an important step in helping us achieve emissions reduction and renewable energy goals that are realistic and appropriate for our industry.
We are excited that the VPPA increases the amount of clean energy produced in the U.S. We are especially enthused that this solar energy project is being built in California, a state where Fortune Brands has sites in San Francisco, Irvine, and City of Industry.
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