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BERRY GLOBAL GROUP, INC.

(BERY)
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Berry Global : Announces Its First Virtual Power Purchase Agreement for Alternative Energy Source in Spain

05/24/2021 | 08:53am EDT

EVANSVILLE, Ind - Today, Berry Global Group, Inc. (NYSE: BERY) announced investment in renewable energy through the use of a long-term virtual power purchase agreement (VPPA) aligned to provide the equivalent electricity requirements of the Company's Spanish operations. In its Impact 2025 sustainability strategy, Berry commits to minimizing its absolute Scope 1 and Scope 2 emissions by 25 percent by 2025 vs. a 2019 baseline.

This target was validated as being in line with the Paris Agreement and limiting warming to 1.5-degreeC by the Science Based Targets initiative earlier this year. Agreements in renewable energy are a prioritized strategy to support its operational goals while additionally investing in reducing overall energy demand. The VPPA investment will support the construction of a solar park in Guadalajara, which will greatly reduce the Company's carbon footprint in Spain with a reduction of approximately 20,000 tons per year.

Sites benefitting from the agreement include Tarragona, Madrid, Pamplona, La Caniza, and two in Barcelona. Tarragona is the primary site, with 70 percent of Berry's energy consumption for the country. Achieving this broader impact comes with partnership across the value chain, including Berry's chosen VPPA partnership with renewable energy leader Axpo Iberia.

'This agreement of the production of renewable energy is one of many steps Berry Global is taking to lower the carbon emissions of our operations,' said Rodgers Greenawalt, Executive Vice President Operations at Berry. 'By taking strides to lower our greenhouse gas emissions, we in turn reduce our customers' Scope 3 emissions.'

Berry's commitment to renewable energy in Spain will contribute to additionality, enabling the addition of new renewable energy to the grid as part of one of the largest European solar park projects. Berry recognizes that in order to succeed in its quest to limit global warming, it must also help lay the groundwork for its communities and peers. Through this investment, Berry is strengthening the local infrastructure for renewable energy sources with the installment of 50 MW of new capacity, belonging to Trillo project, the largest PV plant in Europe with 626 MW.

Berry continues to be aggressive in its progress, solidifying its promise of limiting global warming to 1.5-degreeC and in support of achieving a net-zero economy by 2050 with its recent announcement of Science-Based Targets. Find more information on Berry Global's sustainability commitments and progress in the Company's Impact Report 2020.

About Berry

At Berry Global Group, Inc. (NYSE:BERY), we create innovative packaging and engineered products that we believe make life better for people and the planet. We do this every day by leveraging our unmatched global capabilities, sustainability leadership, and deep innovation expertise to serve customers of all sizes around the world. Harnessing the strength in our diversity and industry leading talent of 47,000 global employees across more than 295 locations, we partner with customers to develop, design, and manufacture innovative products with an eye toward the circular economy. The challenges we solve and the innovations we pioneer benefit our customers at every stage of their journey. For more information, visit our website at berryglobal.com, or connect with us on LinkedIn or Twitter.

About Axpo:

Axpo is the largest producer of renewable energy in Switzerland and an international leader in the trading and marketing of solar and wind energy. With a workforce of 5,000 employees and operations in more than 30 countries in Europe and the United States, it develops innovative solutions by combining more than 100 years of experience with its capacity for innovation for a sustainable energy future.

Axpo Iberia has been managing for 20 years the main independent portfolio of renewable plants on the peninsula and offers products and services in Spain and Portugal that range from electricity and gas supply, to energy efficiency and trading of electricity, gas, biomass and CO2.

Berry Media Contact:

Amy Waterman

+1 812 306 2435

amywaterman@berryglobal.com

(C) 2021 Electronic News Publishing, source ENP Newswire

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Financials (USD)
Sales 2021 13 003 M - -
Net income 2021 720 M - -
Net Debt 2021 8 436 M - -
P/E ratio 2021 12,4x
Yield 2021 -
Capitalization 8 804 M 8 804 M -
EV / Sales 2021 1,33x
EV / Sales 2022 1,24x
Nbr of Employees 47 000
Free-Float 99,2%
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Last Close Price 65,26 $
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Managers and Directors
Thomas Edward Salmon Chairman & Chief Executive Officer
Mark William Miles Chief Financial Officer & Treasurer
Debbie Garrison Chief Information Officer & Executive VP
Rodgers Greenawalt Executive Vice President-Operations
Birch Evans Bayh Independent Director
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