Colgate-Palmolive, a leading household product manufacturer, has recently entered into a 20-year virtual power purchase agreement (PPA) with Scout Clean Energy for the 209 MW Markum solar project in Texas. This groundbreaking agreement enables Colgate-Palmolive to meet the electricity needs of its entire US operations by sourcing power from the project, which will be integrated into Texas' ERCOT transmission network. Construction of the solar farm is scheduled to commence in the fall of 2023 and is projected to be finalized by the end of 2024.
This partnership represents a significant milestone for Scout Clean Energy's first solar development project and perfectly aligns with the renewable energy objectives of its parent company, Brookfield. As a global leader in renewable energy, Brookfield is dedicated to meeting the growing demand for corporate power purchase agreements (PPAs) in the United States. In September 2022, Brookfield made a strategic investment of $1bn to acquire Scout Clean Energy, as part of its $6.4bn investment in the US renewables sector. This acquisition included other prominent platforms such as Standard Solar, Urban Grid, and Duke Energy Renewables.
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The above analysis is proprietary to Enerdatics’ energy analytics team, based on the current understanding of the available data. The information is subject to change and should not be taken to constitute professional advice or a recommendation.
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