Nestlé UK has signed a 15-year corporate power purchase agreement to buy the output of 31MW from Ørsted’s Race Bank Offshore Wind Farm.
The UK subsidiary of the world’s largest food and beverage company, Nestlé, has signed a 15-year indexed fixed price agreement with Ørsted, the world leader in offshore wind, to buy green power from the Race Bank Offshore Wind Farm. Nestlé UK will buy the output of 31MW of the offshore wind farm’s 573MW total capacity, making it Ørsted’s largest fixed-price corporate power purchase agreement (PPA) in the UK.
From 1 May 2020, Nestlé UK will start purchasing 125GWh of green power per year to cover 50 % of Nestlé UK power consumption. The agreement, along with Nestlé UK’s already existing PPAs, secures that all of Nestlé UK’s consumption is covered by PPAs from renewable energy backed by certificates. For Ørsted, it stabilises revenues for Ørsted’s Race Bank Offshore Wind Farm and reduces merchant power price exposure across the portfolio.
Stefano Agostini, CEO for Nestlé UK and Ireland, said:
“I’m incredibly proud that at Nestlé we are doing the right thing to play our part in reducing climate change. With our partnership with Ørsted we are now able to cover 100 % of our electricity from wind power, another huge milestone in our efforts to become a sustainable business.”
