• Resources
  • Blog
  • Journalists
  • Log In
  • Sign Up
  • Data Privacy
  • Send a Release
Cision PR Newswire: news distribution, targeting and monitoring home
  • News
  • Products
  • Contact

 

When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
  • News in Focus
      • Browse News Releases

      • All News Releases
      • All Public Company
      • English-only
      • News Releases Overview

      • Multimedia Gallery

      • All Multimedia
      • All Photos
      • All Videos
      • Multimedia Gallery Overview

      • Trending Topics

      • All Trending Topics
  • Business & Money
      • Auto & Transportation

      • All Automotive & Transportation
      • Aerospace, Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads and Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking and Road Transportation
      • Auto & Transportation Overview

      • View All Auto & Transportation

      • Business Technology

      • All Business Technology
      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • Business Technology Overview

      • View All Business Technology

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Financial Services & Investing

      • All Financial Services & Investing
      • Accounting News & Issues
      • Acquisitions, Mergers and Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalization
      • Sales Reports
      • Shareholder Activism
      • Shareholder Meetings
      • Stock Offering
      • Stock Split
      • Venture Capital
      • Financial Services & Investing Overview

      • View All Financial Services & Investing

      • General Business

      • All General Business
      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Environmental, Social and Governance (ESG)
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Overseas Real Estate (non-US)
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls and Research
      • Trade Show News
      • General Business Overview

      • View All General Business

  • Science & Tech
      • Consumer Technology

      • All Consumer Technology
      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • Consumer Technology Overview

      • View All Consumer Technology

      • Energy & Natural Resources

      • All Energy
      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil and Gas Discoveries
      • Utilities
      • Water Utilities
      • Energy & Natural Resources Overview

      • View All Energy & Natural Resources

      • Environ­ment

      • All Environ­ment
      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • Environ­ment Overview

      • View All Environ­ment

      • Heavy Industry & Manufacturing

      • All Heavy Industry & Manufacturing
      • Aerospace & Defense
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation and Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking and Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • Heavy Industry & Manufacturing Overview

      • View All Heavy Industry & Manufacturing

      • Telecomm­unications

      • All Telecomm­unications
      • Carriers and Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • Telecomm­unications Overview

      • View All Telecomm­unications

  • Lifestyle & Health
      • Consumer Products & Retail

      • All Consumer Products & Retail
      • Animals & Pets
      • Beers, Wines and Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics and Personal Care
      • Fashion
      • Food & Beverages
      • Furniture and Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewelry
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • Consumer Products & Retail Overview

      • View All Consumer Products & Retail

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Health

      • All Health
      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • Health Overview

      • View All Health

      • Sports

      • All Sports
      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • Sports Overview

      • View All Sports

      • Travel

      • All Travel
      • Amusement Parks and Tourist Attractions
      • Gambling & Casinos
      • Hotels and Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • Travel Overview

      • View All Travel

  • Policy & Public Interest
      • Policy & Public Interest

      • All Policy & Public Interest
      • Advocacy Group Opinion
      • Animal Welfare
      • Congressional & Presidential Campaigns
      • Corporate Social Responsibility
      • Domestic Policy
      • Economic News, Trends, Analysis
      • Education
      • Environmental
      • European Government
      • FDA Approval
      • Federal and State Legislation
      • Federal Executive Branch & Agency
      • Foreign Policy & International Affairs
      • Homeland Security
      • Labor & Union
      • Legal Issues
      • Natural Disasters
      • Not For Profit
      • Patent Law
      • Public Safety
      • Trade Policy
      • U.S. State Policy
      • Policy & Public Interest Overview

      • View All Policy & Public Interest

  • People & Culture
      • People & Culture

      • All People & Culture
      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • People & Culture Overview

      • View All People & Culture

      • In-Language News

      • Arabic
      • español
      • português
      • Česko
      • Danmark
      • Deutschland
      • España
      • France
      • Italia
      • Nederland
      • Norge
      • Polska
      • Portugal
      • Россия
      • Slovensko
      • Suomi
      • Sverige
  • Overview
  • Distribution by PR Newswire
  • Cision Communications Cloud®
  • Cision IR
  • Sponsored Placement
  • All Products
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • PR Newswire: news distribution, targeting and monitoring
  • Send a Release
    • ALL CONTACT INFO
    • Contact Us

      888-776-0942
      from 8 AM - 10 PM ET

  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • News in Focus
    • Browse All News
    • Multimedia Gallery
    • Trending Topics
  • Business & Money
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
  • Policy & Public Interest
  • People & Culture
    • People & Culture
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • Overview
  • Distribution by PR Newswire
  • Cision Communications Cloud®
  • Cision IR
  • All Products
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR

Honda Secures Auto Industry's Largest Renewable Energy Purchase, Resulting in 60% Reduction in CO(2) Emissions from its North American Manufacturing Operations

- Two Virtual Power Purchase Agreements (VPPAs) will secure 320 megawatts (MW) of wind and solar power totaling over 1 million megawatt-hours (MWh) of renewable electricity annually

- Innovative "collar" structure expands market for renewable energy purchases

(PRNewsfoto/Honda)

News provided by

Honda

Sep 23, 2019, 09:30 ET

Share this article

Share this article


TORRANCE, Calif., Sept. 23, 2019 /PRNewswire/ -- Seeking to slash CO2 emissions from its North American  manufacturing operations, Honda has entered into long-term virtual power purchase agreements (VPPAs) for renewable wind and solar power that will cover more than 60% of the electricity that Honda uses in North America. These VPPAs will enable Honda to fully offset the remaining carbon intensive grid-supplied electricity being used in its Ohio, Indiana, and Alabama automobile manufacturing operations,1 and will help the company meet its voluntary carbon reduction goal. As a result of the deal, Honda is one of the top automakers globally in the adoption of renewable energy to power its operations.2

Continue Reading
Rendering of Boiling Springs Wind Farm in Oklahoma
Rendering of Boiling Springs Wind Farm in Oklahoma

Starting in fall of 2020, Honda will purchase 530,000 MWh/year from 120 MW of wind power generated by the Boiling Springs Wind Farm in Oklahoma, a 150 MW development of the energy company E.ON. Then in fall of 2021, Honda will secure an additional 482,000 MWh/year from 200 MW of solar power generated from a Texas solar facility. Additional details of the Texas solar facility will be disclosed in 2020 when it is nearer to completion. Honda's combined agreements for the output of 320 MW of renewable generation capacity will result in the purchase of 1.012 million MWh of electricity per year, making it the largest renewable energy procurement commitment for an automaker and one of the largest VPPA commitments in the U.S. market. Once fully operational, these VPPAs will offset more than 800,000 metric tons of CO2e emissions annually, the equivalent of 100,000 U.S. households worth of CO2e emissions from household energy usage.3

Honda will continue to purchase electricity from the local utility for each manufacturing facility, but will receive and retire renewable energy certificates (RECs) equal to the power produced through the VPPAs, resulting in net zero CO2e emissions from electricity use within Honda's Ohio, Indiana, and Alabama manufacturing operations. Currently, 21% of the electricity that Honda uses in North America is supplied from extremely low and zero CO2 sources. The VPPAs will raise the total use of renewable electricity to more than 80% for North America.

A virtual power purchase agreement is a way for Honda to purchase renewable energy in locations where it is unable to purchase renewables from the local electric utility. Honda agrees to purchase electricity from a renewable energy supplier, but the clean energy does not go directly to Honda's facilities; instead it is sold into the electricity grid where the clean power is generated. However, Honda's "virtual purchase" of renewable energy adds more clean energy into the nation's electricity grid. This reduces the amount of electricity generated by fossil fuels, reducing the CO2 emissions of using electricity.

In the process of structuring the Boiling Springs Wind Farm VPPA, Honda implemented an innovative contract structure with the potential to mitigate financial risks in the VPPA market, further expanding the market for corporations like Honda where reduced exposure to energy price risk is desirable. This new "collar" structure sets upper and lower bounds on Honda's exposure to energy market price fluctuations in any given quarter, while resulting in strong and stable revenues for the renewable power operators.

"These combined VPPAs will help Honda meet its CO2 reduction goals by adding clean renewable electricity and by de-carbonizing the electricity grid," said Ryan Harty, manager, Connected and Environmental Business Development, American Honda. "We hope the addition of a 'collar' to the Boiling Springs project will encourage other companies to consider VPPAs as a method to secure renewable power and reduce climate-altering carbon emissions."

"We are proud to work with Honda to provide 100% clean, renewable wind power from Boiling Springs Wind Farm for its North American manufacturing facilities," said Silvia Ortin, E.ON Chief Operating Officer North America. "E.ON's dedication to a sustainable future is a great fit with Honda's values and commitment to reducing its greenhouse gas impact." 

The wind and solar VPPAs are part of Honda's ongoing efforts to not only purchase renewable power but also to generate renewable power onsite at its North American operations. To date, Honda has installed 7.3 MW of renewable wind and solar power at its facilities across the region.

For additional information about Honda's renewable energy investments, visit https://medium.com/@hondaofficial.

Honda's Commitment to Reduce CO2
Honda is committed to reducing its total global company CO2 emissions by 50% by 2050, compared to the year 2000. Toward that goal, two-thirds of Honda's global automobile sales by 2030 will be comprised of electrified vehicles, including hybrids, battery electric and fuel cell electric vehicles. The generation and purchase of renewable energy contribute to Honda's efforts to reduce the environmental impact of its products during the customer in-use phase, as well as throughout their life cycle, including emissions from manufacturing, distributing, and selling Honda and Acura products in North America.

1 Honda products are made using domestic and globally sourced parts.
2 According to BloombergNEF
3 Based on U.S. EPA carbon equivalencies calculator. Does not include emissions from transportation or household food consumption. (https://www.epa.gov/energy/greenhouse-gas-equivalencies-calculator)

SOURCE Honda

Related Links

http://www.honda.com

Modal title

Also from this source

Honda Marks 30 Million Vehicle Production Milestone in the U.S.

Honda Marks 30 Million Vehicle Production Milestone in the U.S.


Grammy Award®-winning Hip Hop Artist 2 Chainz to Headline 2023 Honda Battle of the Bands Halftime Show

Grammy Award®-winning Hip Hop Artist 2 Chainz to Headline 2023 Honda Battle of the Bands Halftime Show

Explore

More news releases in similar topics

  • Automotive
  • Transportation, Trucking & Railroad
  • Alternative Energies
  • Utilities
  • Contracts

Contact Cision

  • Cision Distribution 888-776-0942
    from 8 AM - 9 PM ET

  • Chat with an Expert
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices

Products

  • Cision Communication Cloud®
  • For Marketers
  • For Public Relations
  • For IR & Compliance
  • For Agency
  • For Small Business
  • All Products

About

  • About PR Newswire
  • About Cision
  • Become a Publishing Partner
  • Become a Channel Partner
  • Careers
  • COVID-19 Resources
  • Accessibility Statement
  • Asia
  • Brazil
  • Canada
  • Czech
  • Denmark
  • Finland
  • France
  • Germany
  • India
  • Israel
  • Italy
  • Mexico
  • Middle East
  • Middle East - Arabic
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Russia
  • Slovakia
  • Spain
  • Sweden
  • United Kingdom

My Services

  • All New Releases
  • Online Member Center
  • ProfNet

Contact Cision

Products

About

My Services
  • All News Releases
  • Online Member Center
  • ProfNet
Cision Distribution Helpline
888-776-0942
  • Terms of Use
  • Privacy Policy
  • Information Security Policy
  • Site Map
  • RSS
  • Cookie Settings
Copyright © 2023 Cision US Inc.