Graphic Packaging International signs a PPA with Zelestra to supply clean energy from two solar projects totaling 83 MW to be built in Spain

Aug 7, 2024

Graphic Packaging

Graphic Packaging International signs a PPA with Zelestra to supply clean energy from two solar projects totaling 83 MW to be built in Spain

  • With this virtual PPA, Graphic Packaging advances its commitment to reduce its greenhouse gas emissions
  • This agreement reflects Zelestra’s approach to tailoring solutions for its customers on their decarbonization journey

Graphic Packaging International, a global leader in sustainable consumer packaging, and Zelestra, a client-focused, multi-technology, global renewable energy company, have signed a virtual Power Purchase Agreement (vPPA) in Spain.

This agreement is aligned with Zelestra’s goal to meet the decarbonization needs of its customers and strategic focus on growth in Europe.

The renewable energy generated by two of Zelestra’s solar projects to be built in Spain – José Cabrera and Socovos II – will have a combined total capacity of 83 MW. Graphic Packaging expects to receive the guarantees of origin corresponding to approximately 86% of the solar projects’ output.

The agreement with Zelestra is a meaningful contribution to achieving Graphic Packaging’s science-based target to reduce Scope 1 and 2 GHG emissions by 50.4 percent by 20321. It will increase the Company’s purchased renewable electricity in Europe to approximately 70 percent.

Ivan Nieto, Zelestra’s Chief Commercial Officer, commented: We are excited about this partnership with Graphic Packaging International to advance our shared values for making decarbonization a reality, and we are proud to be able to offer our customer a tailored, carbon-free solution to progress its sustainability goals”.

Joe Yost, Executive Vice President & President, International, at Graphic Packaging, stated: “This agreement is a testament to Graphic Packaging’s commitment to environmental leadership and represents our largest decarbonization lever in Europe. The long-term contract will create new green electricity capacity in Europe, supporting both our own and our customers’ commitments to reducing GHG emissions. It also demonstrates our promise to becoming better, every day, for our employees, customers, shareholders, and the planet”.

Schneider Electric provided advisory services and strategy management for the agreement between Graphic Packaging and Zelestra.

1Based on 2021 as the baseline year.

About Zelestra

With a portfolio of 20 GW of carbon-free projects across 13 countries, Zelestra is a vertically integrated company specializing in developing, constructing, commercializing, and operating large-scale renewable energy projects. Zelestra is made up of 800+ professionals globally.  It is backed by EQT, one of the largest fund managers in the world, with $232 billion in assets.

About Graphic Packaging International, LLC

Graphic Packaging International, LLC, is the primary operating subsidiary of Graphic Packaging Holding Company (NYSE: GPK), headquartered in Atlanta, Georgia. Graphic Packaging designs and produces consumer packaging, made primarily from renewable or recycled materials. An industry leader in innovation, the Company is committed to reducing the environmental footprint of consumer packaging. Graphic Packaging operates a global network of design and manufacturing facilities serving the world’s most widely recognized brands in food, beverage, foodservice, household, and other consumer products. Learn more at www.graphicpkg.com.