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EDP Renewables North America Announces 20-Year PPA with California Water Service

1. Cal Water signed a 20-year PPA with EDPR NA for solar power. 2. The solar array will save Cal Water $1.7 million in energy costs. 3. The project will generate 3,800 MWh of renewable energy annually. 4. Cal Water aims for reduced environmental footprint through this initiative. 5. The partnership highlights California's leadership in renewable energy investments.

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Why Bullish?

CWT's investment in renewable energy could enhance operational efficiency and reduce costs, historically driving stock value upward as seen with similar utility investments in sustainability.

How important is it?

The article underscores strategic moves in sustainability, which can significantly impact CWT's market perception and investor confidence.

Why Long Term?

The long-term nature of the PPA suggests sustained benefits, similar to utility companies that have gained from continuous renewable investments over years.

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Power purchase agreement will provide Cal Water with 20 years of on-site distributed solar power at key Bakersfield District treatment facility Renewable energy generated by the solar array is anticipated to reduce grid energy costs by approximately $1.7 million over the term of the agreement , /PRNewswire/ -- EDPR NA Distributed Generation LLC (EDPR NA DG), the distributed generation business of EDP Renewables North America LLC (EDPR NA), and California Water Service (Cal Water) have signed a 20-year power purchase agreement (PPA) for a 1.75 MWac /2.35 MWdc onsite solar photovoltaic (PV) array at Cal Water's Northeast Bakersfield Treatment Plant. The partnership is designed to reduce the utility's long-term environmental footprint. Cal Water and EDPR NA DG expect the system to generate approximately 3,800 megawatt-hours of renewable energy annually. The renewable energy generated by the solar array is anticipated to reduce grid energy costs by approximately $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, Cal Water 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 Distributed Generation CEO. "This partnership demonstrates the ever-increasing convergence of the water-energy nexus, and the importance of investment in vital infrastructure throughout California." EDPR NA and EDPR NA DG have been actively engaged in California for more than two decades, developing utility-scale and distributed-scale solar projects to support the state's growing energy demand. EDPR NA operates 1,138 MW of clean energy assets in California powering the equivalent of 451,000 homes. EDPR NA DG's portfolio in California spans more than 180 projects, including 75 MWac/81 MWdc in operation. In May 2024, EDPR NA announced the completion the 200 MW Scarlet II Solar Energy Park in Fresno County, California. Scarlet II follows EDPR NA's Scarlet I Solar Energy Park (Scarlet I), consisting of 200 MW of solar and 40 MW/160 MWh of battery energy storage system (BESS), which achieved commercial operation in 2024. Multimedia resources include:  EDPR NA DG: Fact Sheet EDPR NA DG work with Municipalities and Local Government: Website EDPR NA (Utility-Scale Projects) in California: Fact Sheet 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 345 megawatts (MW) across 546 active sites.For more information, visit www.edprnadg.com and follow us on LinkedIn. About EDP Renewables North America EDP Renewables North America LLC, its affiliates, and its subsidiaries develop, construct, own, and operate wind farms, solar parks, and energy storage systems throughout North America. Headquartered in Houston, Texas, with 61 wind farms, 26 solar parks, and eight regional offices across North America, EDPR NA has developed more than 12,000 megawatts (MW) and operates more than 11,400 MW of onshore utility-scale renewable energy projects. With more than 1,000 employees, EDPR NA's highly qualified team has a proven capacity to execute projects across the continent. For more information, visit www.edprnorthamerica.com and follow us on LinkedIn. About EDP Renewables EDP Renováveis, S.A. (Euronext: EDPR) is a global leader in renewable energy development with a presence in 28 regions in Europe, North America, South America and Asia-Pacific. With headquarters in Madrid and leading regional offices in Houston, São Paulo and Singapore, EDPR has a sound development portfolio of top-level assets and market-leading operating capacity in renewable energies. Particularly worthy of note are onshore wind, distributed and large-scale solar, offshore wind (OW - through a 50/50 joint venture), and technologies to complement renewables such as storage and green hydrogen. EDPR's employee-centered policies have received recognition such as Top Workplace 2023 in the USA, Top Employer 2023 in Europe (Spain, Italy, France, Romania, Greece, Portugal and Poland) Colombia and Brazil, and are also included in the Bloomberg Gender-Equality Index.EDPR is a division of EDP, S.A. (Euronext: EDP), a leader in the energy transition with a focus on decarbonization. Besides its strong presence in renewables (with EDPR and hydro operations), EDP has an integrated utility presence in Portugal, Spain and Brazil including electricity networks, client solutions and energy management. EDP – EDPR's main shareholder – has been listed on the Dow Jones Index for 16 consecutive years, recently being named the most sustainable electricity company on the Index. Logo: https://mma.prnewswire.com/media/2592695/5427242/EDP_Logo.jpg SOURCE EDP WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

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