EssilorLuxottica and ERG Sign Renewable Energy Supply Deal in Italy
EssilorLuxottica and ERG have signed a 12-year Power Purchase Agreement (PPA) for approximately 900 GWh of green energy in Italy between 2023 and 2034. The deal supports EssilorLuxottica's carbon neutrality goals.
EssilorLuxottica, a global leader in eyewear, and ERG, a European renewable energy producer, have finalized a long-term Power Purchase Agreement (PPA) in Italy. The 12-year contract will supply EssilorLuxottica with approximately 900 GWh of electricity generated from renewable sources between 2023 and 2034.
The agreement involves ERG selling around 75% of the energy produced by its Partinico-Monreale wind farm near Palermo. This wind farm has undergone a repowering process, replacing older equipment with new, advanced technology. The upgraded facility will feature 10 turbines with a total capacity of 42 MW, projected to generate about 94 GWh annually. Construction is nearing completion, with operations expected to commence in the second quarter of 2023.
This agreement is a significant step for EssilorLuxottica in achieving its sustainability target of carbon neutrality for its direct operations (Scope 1 and 2 emissions) by 2025. The company aims to achieve this in Europe by the end of this year, as part of its "Eyes on the Planet" program.
ERG views the agreement as a way to maximize the value of its first repowering project in Italy and to secure stable revenues in a volatile energy market.