RICHMOND, Va., Jan. 29,
2024 /PRNewswire/ -- Universal Corporation (NYSE:UVV)
today announced that, as part of Universal's commitment to a
sustainable supply chain and minimizing greenhouse gas emissions,
it has entered into a virtual power purchase agreement (VPPA) with
Clearway Energy Group for energy produced by a new solar project in
Texas. Universal's contracted
portion of the project is intended to address emissions from 100
percent of Universal's annual purchased electricity demand in
the United States.
"This is a meaningful step towards meeting our
science-based environmental target to reduce operational greenhouse
gases emissions by 30 percent by 2030," said George C. Freeman III, Universal's Chairman,
President, and Chief Executive Officer. "When the solar project is
operational, we expect to hit this target for our U.S. operations
ahead of schedule. Universal is proud of the steps we are taking to
promote the sustainability of our operations and contribute to
global sustainability goals, including supporting this project that
will bring additional renewable energy to the electricity
grid."
The project, which will start construction later this year and
begin delivering under the VPPA in 2026, will create an estimated
350 construction jobs and produce significant new tax revenue for
the local community over the life of its operations.
Universal has made a long-term commitment through the VPPA to
purchase a portion of the renewable power delivered to the grid by
the large-scale solar facility while also receiving the associated
renewable energy certificates. Universal's agreement equates to
around 70,000 MWh of renewable electricity per year and is expected
to reduce greenhouse gas emissions by approximately 15,000 metric
tons, which is 45% of Universal's Scope 1 and 2 emissions in
the United States. GreenFront
Energy Partners provided strategic and financial advisory services
to Universal throughout the procurement process.
Universal Corporation (NYSE:UVV), headquartered in Richmond, Virginia, is a global
business-to-business agri-products supplier to consumer product
manufacturers, operating in over 30 countries on five
continents. We strive to be the supplier of choice for our
customers by leveraging our farmer base, our commitment to a
sustainable supply chain, and our ability to provide high-quality,
customized, traceable, value-added agri-products essential for our
customers' requirements. We find innovative solutions to
serve our customers and have been meeting their agri-product needs
for more than 100 years. Our principal focus since our
founding in 1918 has been tobacco, and we are the leading global
leaf tobacco supplier. Through our plant-based ingredients
platform, we provide a variety of value-added manufacturing
processes to produce high-quality, specialty vegetable- and
fruit-based ingredients as well as botanical extracts and
flavorings for the food and beverage end markets. For more
information, visit www.universalcorp.com.
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SOURCE Universal Corporation