Campbell Soup Co. has entered into a power purchase agreement (PPA) and land-lease agreement with BNB Napoleon Solar LLC, a wholly owned subsidiary of BNB Renewable Energy Holdings, of Exton, Pa., to construct a 9.8 MW PV solar power generation system on 60 acres of the company's largest plant in Napoleon, Ohio.
Campbell will lease the land to BNB, which will own the system and be responsible for its financing, construction, operation and maintenance. Under the PPA, Campbell will purchase 100% of the electrical power generated by the system, which is expected to provide approximately 15% of the electricity the Napoleon plant requires annually.
FirstEnergy Solutions will purchase the solar renewable energy credits from the project. Over the course of the 20-year PPA, Campbell expects to save up to $4 million, based on U.S. Department of Energy projections for the cost of electricity in northwest Ohio.
Last October, the Ohio Enterprise Bond Fund agreed to issue $10.5 million in bonds to finance a portion of the project. BNB is now in final contract negotiations with SunPower Corp. for the engineering, procurement and construction of the project.
SOURCE: Campbell Soup Co.