Industry leaders unite for shared climate goals with Spanish wind energy agreement
This agreement is a compelling example of how we are bringing sustainable growth to life with customers.
SPAIN – Givaudan, Smurfit WestRock, PepsiCo and Statkraft have signed a groundbreaking 10-year Virtual Power Purchase Agreement (VPPA) linked to a wind farm in Spain undergoing repowering with advanced turbines.
This deal, spearheaded by PepsiCo’s pep+ REnew program, launched in 2022, aggregates renewable electricity demand from PepsiCo as lead buyer, alongside suppliers Givaudan and Smurfit WestRock, with support from Schneider Electric’s SE Advisory Services and Statkraft.
It marks Europe’s first such cohort under the initiative, which now aids over 250 companies across North America, Latin America, Europe, and APAC in shifting to clean power, unlocking premium long-term deals typically reserved for giants.
The upgraded facility maximizes existing infrastructure like substations to boost output with minimal new environmental impact, projecting 32,000 metric tons of annual CO₂ reductions.
This accelerates PepsiCo’s refreshed pep+ climate targets from a 2022 baseline, a 42% cut in Scope 3 Energy & Industry emissions and 30% in Scope 3 Forest, Land & Agriculture emissions by 2030, aligning with its Science Based Targets initiative (SBTi) pathway to net-zero by 2050 or earlier across the global value chain.
It’s PepsiCo’s second Spanish VPPA, following a 2023 activation, underscoring Spain’s growing role in its clean energy strategy.
Willem Mutsaerts, Head of Global Procurement and Sustainability, Givaudan, stated, “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.”
“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.”
PepsiCo, a beverages and snacks leader with USD 94 billion in 2025 revenue across 200+ countries, guides its pep+ transformation around sustainability.
Givaudan, a 250-year fragrance, beauty, and taste innovator, posted CHF 7.5 billion in sales and 17,500+ employees in 2025, prioritising nature-positive impact.
Smurfit WestRock, a top paper packaging firm, employs 97,000 people across 40 countries.
Europe’s largest renewable producer, Statkraft, with 6,500 staff in 20 nations, excels in hydro, wind, solar, trading, and corporate PPAs. SE Advisory Services aids global decarbonization via expertise in energy, resilience, and electrification.
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