PPA Agreement Signed by Scout and Colgate-Palmolive to Develop Texas Solar Farm
Scout Clean Energy, a renewable energy developer-operator based in Colorado, has entered into a power purchase agreement (PPA) with Colgate-Palmolive for the power produced by Scout’s 209-MW DC Markum Solar Farm near Waco, Texas.
This autumn, Scout will commence and oversee the construction of the project. The Markum Solar Farm will generate enough clean energy for the ERCOT grid, which will be sufficient to power about 32,200 homes.
In an announcement, Ann Tracy, Chief Sustainability Officer at Colgate-Palmolive, stated that virtual power purchase agreements (VPPAs) are integral to their renewable energy master plan and will aid in achieving their goals of achieving net-zero carbon emissions by 2040 and 100% renewable electricity for their global operations by 2030.
The Markum Solar Farm is located in both McLennan and Bosque Counties and is set to be operational in 2024. During the construction phase of the project, it is expected to create around 300 temporary jobs and three permanent full-time positions upon completion. The project is also anticipated to bring significant economic benefits to the community through new tax revenue throughout its lifespan.
Scout Clean Energy, which is a subsidiary of Brookfield Renewable, a publicly traded renewable power platform, was acquired by Brookfield at the beginning of 2023. Scout is currently implementing its ambitious growth plans.
Legal advice for Scout was provided by Stoel Rives LLP, while Colgate-Palmolive received legal advice from Morgan, Lewis & Bockius for this transaction.
Photo by Kelly at Pexels
