Novartis Signs Five Contracts as Part of Green Energy Push

By Maitane Sardon

Pharmaceutical company Novartis AG said Thursday that it has signed five green-energy contracts to help it achieve its goal of only using renewable electricity to power its operations in Europe.

The company said it has signed five renewable-energy virtual power-purchase agreements, which it expects will add 275 megawatts of clean energy to the grid that powers its operations.

"Energy efficiency and renewable-energy solutions are the cornerstones of our strategy for reducing emissions," said Montse Montaner, chief sustainability officer at Novartis. She said the deals will contribute to the company's plan to be carbon neutral across its operations by 2025 and across its value chain by 2030.

Under the agreements, wind and solar electricity will be generated from six renewable energy projects located in Spain developed by providers Acciona, EDP Renewables and Enel Green Power, the company said.

Novartis said the projects will help it reduce carbon emissions equivalent to removing approximately 113.000 passenger vehicles from the road annually.

Write to Maitane Sardon at [e-mail]

(END) Dow Jones Newswires

November 19, 2020 05:45 ET (10:45 GMT)

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