Nestle invests in 208-MW US solar-plus-storage project by Enel

The North American unit of Italian utility group Enel SpA (BIT:ENEL) said Wednesday it has secured a tax equity investment from Swiss food and drinks giant Nestle SA (VTX:NESN) for its 208-MW DC Ganado solar-plus-storage project in Texas.

In addition to becoming the sole tax equity investor for the project, Nestle will purchase all the renewable energy attributes from the solar plant’s generation. The project is expected to produce an average of 333,000 MWh per year for 15 years, which will allow Nestle to reduce the carbon emissions across its US facilities by about 126,294 tonnes a year.

"Customers of all sizes are seeking clean energy projects to help reduce their emissions and use more renewable energy, whether through PPAs, direct retail electricity purchases, upfront tax equity investments or other tailored agreements,” commented Paolo Romanacci, head of Enel North America's renewable energy business, Enel Green Power.

Nestle’s investment will enable the completion of the solar-plus-storage project, which is located in Jackson County and is expected to come onstream in the second quarter of 2023.

The size of the investment was not disclosed.

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