By Olivia Bugault
Enel SpA said Tuesday that its subsidiary Enel Green Power Espana has signed a purchase agreement with U.S. pharma company Johnson & Johnson for the supply of 270 gigawatt hours a year of renewable energy.
Under the 10-year virtual power purchase agreement--where the energy won't need to be delivered physically--Enel Green Power will generate and supply power from three plants under construction in Spain.
"This VPPA will start in January 2023 and, along with other agreements previously signed by the international healthcare company, will bring Johnson & Johnson to the equivalent of 100% renewable electricity in Europe by 2023," the Rome-based energy company said.
The company didn't disclose the financial details of the deal.
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(END) Dow Jones Newswires