Sonoco and ENGIE Announce 140 Megawatt Virtual Power Purchase Agreement – Output from Big Sampson Wind Project will be First Renewable Energy Project for Sonoco
08 Avril 2024 - 10:10PM
Sonoco Products Company (“Sonoco” or the “Company”) (NYSE:SON), one
of the largest global sustainable packaging companies, and ENGIE
North America (“ENGIE") today announced that they have entered into
a Virtual Power Purchase Agreement (“VPPA”) for production from
ENGIE’s Big Sampson Wind Project (“Big Sampson”), a wind power
project currently under construction in Crockett County, Texas.
Under the VPPA and subject to certain conditions, Sonoco and
ENGIE have agreed to contract for an estimated 140 megawatts of
electricity per year, representing approximately 48% of Sonoco’s
U.S. electricity consumption in 2025 and approximately 52% of the
expected output capacity of Big Sampson, for a term of 15 years
commencing upon Big Sampson’s entry into commercial operation.
The VPPA represents another step in Sonoco’s integrated approach
to corporate sustainability. The Company aims to reduce global
Scope 1 and Scope 2 emissions by 25% by 2030 from a 2020 baseline
through various corporate initiatives, including improved packaging
design, installing energy-efficient equipment and procuring
renewable energy sources. The VPPA is an example of these efforts,
with renewable energy credits acquired under the VPPA expected to
help reduce Sonoco’s baseline carbon emissions by approximately
14%.
“Collaborative projects like Big Sampson have the potential to
help us make progress toward our emissions targets while delivering
clean, reliable power to the communities they serve,” said
Elizabeth Rhue, Sonoco’s Vice President of Environmental,
Sustainability, & Technical Services. “We are grateful for this
long-term partnership with ENGIE as we work together to protect the
environment and future generations and continue our promise of
delivering ‘Better Packaging. Better Life.’ solutions,” said
Rhue.
Big Sampson is a project of ENGIE, a global leader in the net
zero energy transition. The project is currently expected to
complete in late 2025 and will be an addition to ENGIE North
America’s more than seven gigawatts of renewable energy production
in operation or under construction across the United States and
Canada.
“We are honored that Sonoco selected ENGIE to support their
first VPPA, reflecting their commitment to the energy transition.
ENGIE’s record of consistently and reliably delivering projects to
meet our customer needs is something we are very proud of,” said
Dave Carroll, Chief Renewables Officer, ENGIE North America. “The
commitment of customers like Sonoco enables the acceleration of
projects that underpin the pathway to a net zero future.”
The Big Sampson Wind Project is designed to consist of 60 wind
turbines, each expected to have a generating capacity of 4.5
megawatts. The project will employ roughly 400 skilled construction
professionals and once operational, about 10 to 15 full-time
professionals will support the system on-site.
In addition to jobs, Big Sampson is expected to provide
long-term tax revenues for both Crocket County and local school
districts of more than $60 million over the 15-year life of the
project.
About Sonoco Products Company
With net sales of approximately $6.8
billion in 2023, the Company has approximately 23,000
employees working in more than 300 operations around the world,
serving some of the world’s best-known brands. With our corporate
purpose of Better Packaging. Better Life., Sonoco is
committed to creating sustainable products and a better world for
our customers, employees, and communities. Sonoco was
named one of America's Most Responsible Companies by Newsweek. For
more information on the Company, visit our website
at sonoco.com.
About ENGIE North America
Based in Houston, Texas, ENGIE North America
Inc. is a regional hub of ENGIE (ENGI.PA), a global leader in
low-carbon energy and services that is listed on the Paris and
Brussels Stock Exchanges. Together with its 96,000 employees around
the globe, its customers, partners and stakeholders, ENGIE is
committed to accelerating the transition toward a carbon-neutral
world, through reduced energy consumption and more environmentally
friendly solutions.
Forward-Looking Statements
Statements included herein that are not
historical in nature are intended to be, and are hereby identified
as, “forward-looking statements” for purposes of the safe harbor
provided by Section 21E of the Securities Exchange Act of 1934, as
amended. Forward-looking statements in this communication include
statements regarding, but not limited to, the Company’s anticipated
energy and renewable energy credit purchases under the VPPA; the
Company’s sustainability goals, including [targeted] reductions in
the Company’s Scope 1 and Scope 2 emissions and the anticipated
contribution of the VPPA toward those goals; and expectations
regarding the construction, commercial operation and generative
capacity of the Big Sampson Wind Project, including the anticipated
timing thereof, and the employment effects and tax revenue
therefrom. These forward-looking statements are subject to a number
of risks, uncertainties and assumptions, including but not limited
to risks detailed in the Company’s filings with the Securities and
Exchange Commission, including the Company’s most recent reports on
Forms 10-K and 10-Q, particularly under the heading “Risk Factors.”
In light of these risks, uncertainties, and assumptions, actual
results could differ materially and adversely from those
anticipated or implied in the forward-looking statements. These
statements speak only as of the date the statements are first made.
Except as required by law, the Company undertakes no obligation to
update the statements in this press release. As a result, you
should not rely on any forward-looking statements as predictions of
future events.
Contact Information:Lisa WeeksVice President of
Investor Relations &
Communicationslisa.weeks@sonoco.com843-383-7524
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