Hormel Foods to become Powered by nearly 50 Percent Renewable Energy
Signs Virtual Power Purchase Agreement for Wind Power
AUSTIN, Minn., April 10, 2019 /PRNewswire/ -- Hormel Foods Corporation (NYSE: HRL), maker of SKIPPY®, SPAM®, Hormel® Natural Choice®, Hormel® Black Label®, Columbus® and many other branded food products, has announced a virtual power purchase agreement (VPPA) for wind energy. Through this and other initiatives, the company will be supplied by almost 50 percent renewable wind power. In addition, the project will result in a reduction of approximately 197,000 metric tons of greenhouse gas emissions.
"As a leading corporate citizen in our industry, we are inspired by projects that minimize environmental impacts and align with the interests of our customers and consumers around the world," said Tom Raymond, director of environmental sustainability at Hormel Foods. "This agreement supports our company's environmental sustainability goals and is a testament to our commitment and support of renewable energy."
The new wind farm will be located near Milligan, Nebraska. Construction is expected to be completed in 2020. The farm will be capable of 74 MW of power and an estimated 349,000 MWh of electricity each year. Hormel Foods partnered with Kinect Energy Group to assess the project and negotiate the agreement.
"We were excited to partner with Hormel Foods to help them meet their renewable energy and sustainability goals," said Nicholas Franco, director of sustainability services at Kinect Energy Group. "We were able to leverage our deep electric market experience to assess the project economics and negotiate a VPPA agreement that worked perfectly for Hormel Foods."
In addition to this agreement, Hormel Foods also supports the renewable energy markets by subscribing to community solar gardens at five manufacturing locations, including a co-sponsorship with Westar Energy for its first community solar garden near Wichita, Kan., where the company manufactures most of its Hormel® Natural Choice® bacon products.
"The addition of renewable energy helps to clean the electrical grid and drive sustainable food production," said Coulter Wood, energy manager at Hormel Foods. "We will look to lead the way in renewable energy acquisition as we continue to feed the world's growing population in a sustainable manner."
For additional information about the company's environmental stewardship goals and efforts, visit https://csr.hormelfoods.com/.
ABOUT HORMEL FOODS — Inspired People. Inspired Food.™
Hormel Foods Corporation, based in Austin, Minn., is a global branded food company with over $9 billion in annual revenues across more than 80 countries worldwide. Its brands include SKIPPY®, SPAM®, Hormel® Natural Choice®, Applegate®, Justin's®, Wholly Guacamole®, Hormel® Black Label®, Columbus® and more than 30 other beloved brands. The company is a member of the S&P 500 Index and the S&P 500 Dividend Aristocrats, was named one of "The 100 Best Corporate Citizens" by Corporate Responsibility Magazine for the tenth year in a row, and has received numerous other awards and accolades for its corporate responsibility and community service efforts. In 2016, the company celebrated its 125th anniversary and announced its new vision for the future — Inspired People. Inspired Food.™ — focusing on its legacy of innovation. For more information, visit www.hormelfoods.com and http://csr.hormelfoods.com/.
ABOUT KINECT ENERGY GROUP
Kinect Energy Group is a global leader in energy management. The professional energy managers at Kinect Energy Group offer energy supply procurement, price risk management, sustainability services, consulting services, and data management services. Kinect Energy's renewable team works with clients to source, evaluate, and advise on on-site solar and virtual power purchase agreement opportunities. Our deep expertise in energy solutions allows us to develop customized strategies that help clients consume less and save more on energy. Kinect Energy is a subsidiary of World Fuel Services, a Fortune 100 energy leader based in Miami, Florida. For more information, visit www.kinectenergy.com.
Contact: Kelly Braaten
507-434-6352
[email protected]
SOURCE Hormel Foods Corporation
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