- Corporate power purchase agreements executed for electricity from largest solar project in Louisiana
- 345 MWdc solar farm estimated to abate about 450,000 metric tons of GHG emissions annually, equivalent to annual emissions from about 99,000 fuel burning cars
- Project to stimulate local economy by generating an estimated $30 million in new revenue to the Pointe Coupee Parish along with creating approximately 400 construction jobs
McDonald’s Corporation and eBay Inc. today announced agreements with Lightsource bp to purchase power from what will be Louisiana’s largest solar project, located 30 miles northwest of Baton Rouge in Pointe Coupee Parish. The 345 megawatt Ventress Solar project will help McDonald’s and eBay meet their sustainability goals and advance their commitment to climate action, while growing Lightsource bp’s expanding footprint of solar assets across the Southeast. Once complete, the project will generate over 600,000 megawatt-hours (MWh) of clean energy annually, equivalent to the average annual consumption of 59,000 US homes.
“As one of the world’s largest restaurant companies, McDonald’s is uniquely positioned to help spur significant action around climate change," said Emma Cox, Global Renewable Energy Lead at McDonald’s. "Our renewable energy deal with Lightsource bp will not only create Louisiana's largest solar project and serve as the latest milestone in making significant progress toward our science-based emissions reduction target for 2030, but also demonstrate our belief that meaningful solutions to building a sustainable future require partnership and collaboration."
“At eBay, investing in clean energy remains a focus of our business as we aim to attain 100 percent renewable energy by 2025,” said Renee Morin, Chief Sustainability Officer, eBay. “This project enables us to source the clean energy equivalent of our data center. Our collaboration with Lightsource bp and McDonald’s uniquely propels our shared goal to accelerate the transition to a clean energy economy.”
Construction is expected to begin as early as the end of this year on the Ventress Solar farm, with commercial operation starting in mid-2023. Lightsource bp is developing the project and will be the long-term owner and operator.
“This agreement is a great example of the teamwork needed to achieve our mutual goals for a healthier, more sustainable and resilient planet and economy for generations to come,” said Kevin Smith, CEO of the Americas for Lightsource bp. “Customer aggregation deals such as this allow businesses of varying sizes and energy needs to come together and spur meaningful development of clean and affordable energy sources in the US. This collaborative agreement by McDonald’s and eBay is a model we hope others will replicate.”
Local economic benefits beyond reducing greenhouse gas pollution
Beyond improving the health and energy security of communities across America, large-scale solar projects help strengthen local economies. Construction of the over $300 million privately funded solar farm will:
- Create approximately 400 construction jobs for 15-18 months, comprised primarily of local labor
- Provide an estimated $30 million dollar boost to Pointe Coupee Parish over the project life – providing additional funding for schools, fire departments, libraries and health services – without a tax increase on its citizens
- Deliver an indirect economic impact of over $200 million, according to a study by the Baton Rouge Area Chamber, an economic development agency supporting the nine-parish Baton Rouge Area
“This project is exciting news for our parish,” said Major Thibaut, Pointe Coupee Parish President. “It brings the largest economic development project to the area in thirty years, with minimal impact on our infrastructure. The participation in the PILOT program means approximately $30 million in revenue for parish government, law enforcement and school system without an increase in taxes on our residents.”
Dual use solar – maximizing benefits to the environment and local community
With proper planning and land management, solar farms can increase biodiversity and improve local ecosystems. A long-term environmental action plan is underway for Ventress Solar that aims to maximize local sustainability benefits through habitat creation and co-located agriculture to farm the land while also harnessing solar energy.
CustomerFirst Renewables and 3Degrees, representing McDonald’s and eBay respectively, partnered to advise the buyer aggregation during the transaction, and Ballard Spahr led negotiations on behalf of the buyers.
About Lightsource bp
Lightsource bp is a global leader in the development and management of solar energy projects, and a 50:50 joint venture with bp. Our purpose is to deliver affordable and sustainable solar power for businesses and communities around the world. Our team includes over 500 industry specialists, working across 15 countries. We provide full scope development for our projects, from initial site selection, financing and permitting through to long-term management of solar projects and power sales to our clients. Lightsource bp in the U.S. is headquartered in San Francisco with development offices in Denver, Philadelphia, Atlanta and Austin. Since late 2017, the team has developed a pipeline of more than 8 gigawatts of large-scale solar projects at various stages of development across the United States with over 2.7 gigawatts of contracted assets representing more than $2.2 billion in potential investment. For more information please visit lightsourcebp.com.
About McDonald’s
McDonald's is the world's leading global foodservice retailer with over 39,000 locations in over 100 countries. Approximately 93% of McDonald's restaurants worldwide are owned and operated by independent local business owners. For more information, visit www.mcdonalds.com, or follow us on Twitter @McDonalds and Facebook. www.facebook.com/mcdonalds.
About eBay
eBay Inc. (Nasdaq: EBAY) is a global commerce leader that connects millions of buyers and sellers in 190 markets around the world. We exist to enable economic opportunity for individuals, entrepreneurs, businesses and organizations of all sizes. Founded in 1995 in San Jose, California, eBay is one of the world's largest and most vibrant marketplaces for discovering great value and unique selection. In 2020, eBay enabled $100 billion of gross merchandise volume. For more information about the company and its global portfolio of online brands, visit www.ebayinc.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210804005730/en/
Contacts
Mary Grikas
Mary.Grikas@lightsourcebp.com
