Nestlé has invested in a 250MW solar plant in Texas to support its sustainability goals.
Taygete I solar project in Pecos County is owned by the utility-scale solar developer 7X Energy – Nestlé will be the sole tax equity investor.
The investment represents the company’s largest direct investment by capacity in a renewable energy project to date.
In addition to its tax equity investment, Nestlé will purchase 100% of the renewable electricity generated by the project’s energy production, which is estimated to be 750,000MWh every year for 15 years.
The project is predicted to generate enough electricity to power 90,000 homes every year.
Jim Wells, Chief Supply Chain Officer for Nestlé USA, said: “Nestlé’s investment in Taygete I is an important milestone on our journey to achieve net zero by 2050.
“This is an aggressive goal and to achieve it we are innovating across our company, from the ingredients we use to the packaging that keeps our food and beverages safe, to how we make and transport our products.”