Coca-Cola Europacific seals virtual solar PPA with Engie Australia

UK-based bottling company Coca-Cola Europacific Partners Plc (NASDAQ:CCEP) has signed a new power off-take deal with France’s Engie SA (EPA:ENGI) in Australia, enabling it to meet its 100% renewables goal in the country earlier than planned.

The virtual power purchase agreement (VPPA) with the French utility will allow Coca-Cola to start using all-renewables power for its Australian operations by January 1, 2025. The milestone will be reached a year ahead of its original schedule, the bottling giant said on Tuesday.

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Under the contract with Engie, Coca-Cola will be supplied with green electricity and related Renewable Energy Credits (RECs) from Lightsource bp’s Wellington North solar farm in New South Wales. The 425-MW DC plant southeast of Dubbo is expected to produce 925,000 MWh of power once in operation.

Coca-Cola Europacific Partners enrolled in the Climate Group’s RE100 initiative in 2021 and since then has been investing in rooftop solar projects aross its Aussie production sites and signed several green power PPAs. Its ultimate goal is to make its activities in Australia net zero by 2040.