Nestle buys 208-MW United States solar-plus-storage project by Enel

Mar 23, 2023 12:28 PM ET
  • The North American unit of Italian utility team Enel SpA (BIT: ENEL) claimed Wednesday it has secured a tax obligation equity financial investment from Swiss food as well as drinks giant Nestle SA (VTX: NESN) for its 208-MW DC Ganado solar-plus-storage project in Texas.
Nestle buys 208-MW United States solar-plus-storage project by Enel
Image: Enel

In addition to becoming the sole tax equity investor for the project, Nestle will certainly purchase all the renewable resource features from the solar plant's generation. The project is expected to generate an average of 333,000 MWh per year for 15 years, which will allow Nestle to lower the carbon emissions across its US facilities by regarding 126,294 tonnes a year.

"Customers of all sizes are seeking clean power projects to help reduce their emissions as well as use even more renewable energy, whether via PPAs, straight retail electrical energy acquisitions, ahead of time tax equity financial investments or various other tailored agreements," commented Paolo Romanacci, head of Enel The United States and Canada's renewable resource business, Enel Green Power.

Nestle's financial investment will certainly enable the conclusion of the solar-plus-storage project, which is located in Jackson County as well as is expected to come onstream in the second quarter of 2023.

The size of the investment was not divulged.

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