Vesper Energy signs 310-MW solar PPA with Pfizer

US renewables developer Vesper Energy has signed a 15-year virtual power purchase agreement (VPPA) with Pfizer Inc (NYSE:PFE) to provide the US pharmaceutical company with solar electricity from a 500-MW solar project in Texas.

The contract, announced today, is for a portion of at least 310 MW of the project and will cover 100% of the projected power demand of Pfizer's North American operations.

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Vesper Energy's 500-MW Hornet Solar project in west Texas is scheduled to become fully operational by the end of 2023.

Bill Carapezzi, Pfizer executive vice president, Global Business Services and Transformation, said the deal is a step towards reaching the company’s 2030 goal to purchase 100% renewable energy.

Vesper Energy, originally known as Lendlease Energy Development, is majority-owned by funds and accounts managed by Magnetar Capital. The company says it has commercialised more than 680 MW of solar projects in the US and has a development pipeline of 3 GW of solar capacity and 2.5 GWh of energy storage.