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California Water Service Partners with EDP Renewables North America on 20-Year Solar Power Agreement

1. CWT signs a 20-year solar power purchase agreement to enhance sustainability. 2. The project will reduce energy costs by approximately $1.7 million. 3. Cal Water aims for lower water costs and reduced environmental impact. 4. The solar array expects to generate about 3,800 MWh of energy annually. 5. This initiative reinforces CWT's commitment to renewable energy investments.

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Why Bullish?

Investing in renewable energy can lead to lower operational costs for CWT, similar to previous cases where lower energy expenses positively affected utility stocks.

How important is it?

The article details a significant investment strategy that aligns with market trends for sustainable energy, affecting CWT's operational efficiency.

Why Long Term?

The ongoing partnership and significant investment suggest sustainable cost reductions and environmental benefits over the full 20-year term.

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EDPRAWRWTRG
SAN JOSE, Calif., July 23, 2025 (GLOBE NEWSWIRE) -- (NYSE: CWT)—As part of its mission to provide sustainable water utility services, California Water Service (Cal Water) has signed a 20-year power purchase agreement with EDPR NA Distributed Generation LLC (EDPR NA DG) for a 2.35-megawatt direct current (MWdc) / 1.75-megawatt alternating current (MWac) solar photovoltaic array to be installed at Cal Water’s Northeast Bakersfield Treatment Plant. The partnership between Cal Water, the largest subsidiary of California Water Service Group (Group), and EDPR NA DG, a subsidiary of EDP Renewables North America LLC, is designed to reduce the water utility’s long-term environmental footprint while providing lower-cost energy and helping to keep water costs affordable. Cal Water and EDPR NA DG expect the system to generate about 3,800 megawatt-hours of renewable energy annually. The renewable energy generated by the solar array is anticipated to reduce grid energy costs by about $1.7 million over the term of the agreement, based on current electric rates for customers in the Bakersfield District, one of Cal Water’s largest service areas. “At Cal Water, we are dedicated to being a responsible environmental steward, and partnering with EDPR NA DG will help us reduce traditional power costs, reach our science-aligned greenhouse gas emissions reduction targets, and increase sustainability,” said Marty Kropelnicki, Group Chairman and CEO. “We look forward to bringing this new onsite solar array online, which is an important step for us to continue providing safe, reliable, and affordable water service to our customers for decades to come.” “California is a national clean energy leader because of organizations like Cal Water, which prioritize supporting renewable energy investments,” said João Barreto, EDPR NA DG CEO. “This partnership demonstrates the ever-increasing convergence of the water-energy nexus, and the importance of investment in vital infrastructure throughout California.” About California Water Service California Water Service provides high-quality, reliable water utility services to more than 2.1 million people statewide through 499,400 service connections. Cal Water’s purpose is to enhance the quality of life for customers and communities. To do so, it invests responsibly in water and wastewater infrastructure, sustainability initiatives, and community well-being. The company’s 1,200 employees live by a set of strong core values and share a commitment to protecting the planet, caring for people, and operating with the utmost integrity. The utility has been named one of “America’s Most Responsible Companies” and one of the “World’s Most Trustworthy Companies” by Newsweek, a USA Top Workplace, and a Great Place to Work®. More information is available at www.calwater.com. About EDPR NA Distributed Generation At EDPR NA Distributed Generation LLC, accelerating the adoption and success of distributed generation is at the core of our mission. EDPR NA DG provides cutting-edge innovative renewable energy services to the entire North American region. Built on long-standing relationships with developers, power generators, corporate purchasers, municipalities, and local communities, EDPR NA DG delivers a full suite of offerings ranging from financing and development to construction and operation of energy and storage assets poised to scale. To date, EDPR NA DG has an operating capacity of 337 megawatts (MW) across 545 active sites. For more information, visit www.edprnadg.com and follow us on LinkedIn. Contact: Yvonne Kingman, 310-257-1434

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