Canadian retailer Loblaw strikes renewable power deal in Alberta
- Loblaw Companies Ltd (TSE: L), Canada's largest retailer, has committed to procuring more than 300 TWh of renewable power each year for its stores across the province of Alberta under a deal with residential energy infrastructure firm TC Energy Corp (TSX: TRP).
The food and also pharmacy retailer will certainly purchase electricity from wind, solar and also hydropower plants to power more than 280 of its supermarkets, drugstores, offices and distribution centres. According to TC Energy, it has actually developed Canada's first-ever 24/7 carbon-free energy product to solution this contract.
The volume of electricity that will certainly be purchased corresponds to the annual power intake of over 45,000 homes in Alberta. The power plants connected to the agreement are prepared to go online in 2024. The duration of the contract was not specified.
The off-take deal will certainly result in decreasing Loblaw's nationwide venture operating co2 (CO2) emissions by 17%. It will certainly support the firm's objective of becoming net zero by 2040.