Campbell Soup Inks Renewable Energy Agreement With Enel North America

Campbell Soup Company (NYSE:CPB) has entered into a twelve-year virtual renewable power purchase agreement with Enel North America, part of the Enel (OTC:ENLAY) Group.
Under the agreement, Campbell will purchase the electricity and the associated renewable energy credits from a 115 megawatt share of Enel’s Seven Cowboy wind project in Oklahoma. The contract is expected to commence in July 2023.
The Seven Cowboy wind project will have 107 turbines that are expected to generate over 1.3 terawatt hours of energy each year.
The renewable energy credits retained through the agreement will reduce Campbell’s Scope 2 GHG emissions, aiding it to reduce its combined Scope 1 and 2 GHG emissions 42% by the fiscal year 2030.
The renewable electricity procured is estimated to avoid approximately 191,000 metric tons of CO2 emissions every year.
“Improving the sustainability of the agriculture and food value chain is important to Campbell,” said Stewart Lindsay, Campbell’s VP, Corporate Responsibility and Sustainability.
Price Action: CPB shares are trading higher by 0.87% at $52.01 on the last check Monday.