Italy's Enel to sell green power to Johnson & Johnson in virtual deal
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MILAN, July 13 (Reuters) - Europe’s biggest utility Enel has agreed to sell 270 gigawatt hours of renewable power a year to Johnson & Johnson to help the U.S. healthcare giant reach climate targets.
The 10-year Virtual Power Purchase Agreement (VPPA), which will start in January 2023, is for electricity delivered into the grid from three wind and solar plants currently under construction in Spain, Enel said in a statement on Tuesday.
The move is a step towards Johnson & Johnson achieving its climate goal of 100% renewable electricity in Europe by 2023 and globally by 2025.
VPPAs are increasingly used by companies to bolster their green credentials and lock in prices for their energy. (Reporting by Stephen Jewkes; editing by Agnieszka Flak)
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