Fujifilm, Bristol Myers Squibb clinch PPAs for Texas solar power

Japanese conglomerate Fujifilm Holdings Corp (TYO:4901) and US pharma giant Bristol Myers Squibb Co (NYSE:BMY) have agreed to buy the entire output of a 270-MW solar project being developed by National Grid Renewables in Texas.

Each of the two companies has sealed virtual power purchase agreements (PPAs) with the Minneapolis, Minnesota-based renewable energy developer, the latter said on Wednesday. The contracts are tied to its Blevins Solar Project, which is due to enter construction next year and kick off commercial operations in 2025.

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Specifically, Fujifilm has contracted 125 MW of the photovoltaic (PV) farm’s future output, committing to get 300,000 MWh of annual supplies, and Bristol Myers Squibb has clinched a 15-year deal for 145 MW. The PPAs support the Japanese technology group’s target to use 100% green power for its operations in the US and Canada. Bristol Myers Squibb, meanwhile, has set a goal of using 100% purchased electricity from renewable sources by 2030.

The Blevins park will be installed in Texas’ Falls County, in the ERCOT market area, with the project expected to have a direct economic impact of around USD 35 million (EUR 32.3m) over its 30-year lifespan. It is part of National Grid’s portfolio of roughly 1 GW of renewable energy projects in ERCOT, the company noted.

Edison Energy and World Kinect Energy Services acted as Bristol Myers Squibb’s and Fujifilm’s advisors in the deals, respectively.

(USD 1.0 = EUR 0.922)