PepsiCo, Givaudan, Smurfit Westrock and Statkraft Sign 10‑Year Renewable Energy Agreement to Advance Value Chain Decarbonization Across Europe

PepsiCo, Givaudan, Statkraft and Smurfit Westrock announce a renewable energy initiative enabled by the pep+ REnew program, supported by Statkraft, to reduce emissions across Europe.

PURCHASE, N.Y., April 28, 2026 /PRNewswire/ -- PepsiCo (NASDAQ: PEP), Givaudan, Smurfit WestRock and Statkraft have announced a 10‑year Virtual Power Purchase Agreement (VPPA) with an underlying wind asset in Spain which is undergoing repowering. The agreement strengthens progress toward shared sustainability goals

Under the pep+ REnew program, PepsiCo worked with SE Advisory Services, Schneider Electric's global consulting practice, to structure and deliver its second supply‑chain VPPA cohort under the pep+ REnew program. SE Advisory Services helped aggregate load across PepsiCo, Givaudan, and Smurfit WestRock, opening access to long‑term renewable electricity opportunities and advancing progress toward net‑zero targets.

Launched in 2022, pep+ REnew has grown into a global platform supporting over 250 companies across North America, Latin America, Europe, and APAC. This VPPA represents the program's second completed cohort and the first renewable electricity cohort in Europe.

The renewable electricity generated through this agreement is expected to contribute to an estimated 32,000 metric tons of CO₂ emissions reductions per year. This initiative further accelerates PepsiCo's efforts to reduce value chain emissions as part of PepsiCo Positive (pep+), the company's end-to-end transformation strategy. As part of pep+, PepsiCo has updated its 2030 climate goals using a 2022 baseline, targeting a 42% reduction in Scope 3 Energy & Industry emissions and a 30% reduction in Scope 3 Forest, Land & Agriculture (FLAG) emissions. These ambitions form part of PepsiCo's broader, Science Based Targets initiative (SBTi) validated pathway to achieve net zero emissions by 2050 or sooner, underscoring the company's aim to drive meaningful climate action across its global value chain.

"This agreement with Statkraft is a further step forward in our journey to reduce emissions not only within our own operations but across our entire value chain," said Archana Jagannathan, Chief Sustainability Officer, PepsiCo Europe, Middle East and Africa. By collaborating with PepsiCo's value chain, we aim to expand access to renewable energy solutions, support the transition to cleaner power, and accelerate progress toward our climate goals. Collaborations like this demonstrate how action with stakeholders across the value chain and long‑term ambitions can help drive meaningful change for our business, members of our value chain, and the planet."

A First-of-its-Kind European Cohort Under pep+ REnew‑‑‑

The VPPA was developed under PepsiCo's pep+ REnew program, which helps suppliers, manufacturers, and bottlers transition to renewable electricity, and marks the second successful signing of a cohort VPPA under the pep+ REnew Program. As part of this cohort, PepsiCo served as the lead buyer, aggregating renewable electricity demand with two strategic suppliers: Givaudan and Smurfit Westrock.

By aggregating demand, the parties were able to secure favorable commercial terms and gain access to long-term renewable energy opportunities typically available only to large buyers.

"This agreement is a compelling example of how we are bringing to life sustainable growth with customers. By joining forces on renewable electricity in this way, we are translating shared ambitions into tangible climate action, helping power our progress toward a low‑carbon future," Willem Mutsaerts, Head of Global Procurement and Sustainability, Givaudan said. "Collaboration of this kind lies at the heart of Givaudan's 2030 strategy, demonstrating how working hand‑in‑hand with customers and partners can accelerate change that delivers benefits throughout the value chain."

"By pairing our market expertise with PepsiCo's supplier engagement model, we're accelerating decarbonization across global value chains." said John Powers, Vice President of Strategic Renewables at Schneider Electric.

Repowering for Greater Efficiency and Lower Impact

The wind asset in Spain will be repowered with more efficient turbines, increasing renewable electricity output while reusing existing grid infrastructure such as substations and interconnection points. This approach minimizes additional environmental impact and accelerates the delivery of new renewable energy to the grid.

"We are proud to collaborate with PepsiCo, Givaudan, and Smurfit WestRockto expand renewable energy capacity in Spain," Hallvard Grandheim, EVP Markets, Statkraft. "This agreement shows how companies of varied sizes can work together to help drive meaningful climate impact. Statkraft is delighted to support a coalition that brings additional renewable capacity online while enabling businesses across Europe to decarbonize."

This project is PepsiCo's second power purchase agreement in Spain; the first went live in 2023, further underscoring the company's aim to accelerate clean energy deployment across key markets.

About Statkraft
Statkraft is an international leader in hydropower and Europe's largest producer of renewable energy. The group generates electricity from water, wind, solar, and gas, and is a major player in energy trading worldwide. Statkraft employs 6,500 people in 20 countries. The company is an industry-leading provider of PPAs, enabling the green transition of Corporates and Industrials across Europe. Through its origination business, Statkraft enables liquid and well-functioning energy markets and is helping both energy producers and consumers manage market risks through tailored hedging solutions. The company is continuously adapting its offering to evolving customer needs and new market entrants.

About Givaudan
Givaudan is a global leader in Fragrance & Beauty and Taste & Wellbeing. We celebrate the beauty of human experience by creating happier, healthier lives with love for nature. Together with our customers we deliver food experiences, craft inspired fragrances and develop beauty and wellbeing solutions that make people look and feel good. In 2025, Givaudan employed over 17,500 people worldwide and achieved CHF 7.5 billion in sales with a free cash flow of 14.1%. With a heritage that stretches back over 250 years, we are committed to driving long-term, purpose-led growth by improving people's health and happiness and increasing our positive impact on nature. This is Givaudan. Human by nature. Discover more at www.givaudan.com.

About Smurfit Westrock
Smurfit Westrock (NYSE: SW, LSE: SWR) is a leading provider of paper-based packaging solutions in the world, with approximately 97,000 employees across 40 countries. More information about the company, its businesses and solutions can be found at smurfitwestrock.com. Investors can access information included in the Investor Relations section of the website at investors.smurfitwestrock.com.

About PepsiCo
PepsiCo products are enjoyed by consumers more than one billion times a day in more than 200 countries and territories around the world. PepsiCo generated nearly $94 billion in net revenue in 2025, driven by a complementary beverage and convenient foods portfolio that includes Lay's, Doritos, Cheetos, Gatorade, Pepsi-Cola, Mountain Dew, Quaker, and SodaStream. PepsiCo's product portfolio includes a wide range of enjoyable foods and drinks, including many iconic brands that generate more than $1 billion each in estimated annual retail sales.

Guiding PepsiCo is our vision to Be the Global Leader in Beverages and Convenient Foods by Winning with pep+ (PepsiCo Positive). pep+ is our strategic end-to-end transformation that places sustainability at the center of our business strategy, seeking to drive growth and build a stronger, more resilient future for PepsiCo and the communities where we operate. For more information, visit www.pepsico.com, and follow on X (Twitter), Instagram, Facebook, and LinkedIn @PepsiCo.

About SE Advisory Services
SE Advisory Services, Schneider Electric's global consulting practice, helps organizations turn bold energy, sustainability and digitalization ambitions into measurable impact. As part of the world's most sustainable company we combine deep expertise, intelligent software and global implementation, and to drive transformation across energy management, risk management and resilience, efficiency and electrification, decarbonization and nature-based solutions, cybersecurity, and asset performance management. Operating in over 100 countries, we turn complex challenges into competitive advantage.

To learn more about our solutions, visit SEadvisoryservices.com.

Media Contact:

Rachel Kent
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SOURCE PepsiCo, Inc.