Food and drink giant PepsiCo unveiled plans to strike new wind and solar deals as it moves to 100% renewable power for its US operations by the end of 2020.
PepsiCo – which runs brands such as Tropicana and Lay’s as well as its flagship cola – said it will use a mixture of mechanisms including virtual power purchase agreements and renewable energy certificates (RECs) to hit its goal.
The group did not specify the current share of renewable power in its direct operations in the US, which accounts for about half its total global power use, but said nine European countries already meet the 100% benchmark.
It expects the new renewable profile to result in a 20% cut in emissions from its US operations against a 2015 baseline.
PepsiCo joins a growing roll-call of corporate majors adopting all-renewable power and energy targets.
The burgeoning corporate renewable PPA sector is emerging as a key driver of project growth, with developers using deals signed by blue chip corporations to get new wind and solar plants up and running.
PepsiCo said its renewable deals would be skewed to RECs this year, before shifting more to PPAs by mid-decade.
PepsiCo added it would also increase the number of solar installations built at its own sites.