Scout Clean Energy, a Colorado-based portfolio company of Brookfield Renewable, has signed a PPA with Colgate-Palmolive to purchase power from its 209 MWdc Markum Solar Farm (Markum) near Waco, Texas.
Scout expects to start construction on the project in Fall 2023, and completion is set for the end of 2024. The project is predicted to generate enough clean energy for the ERCOT grid to power about 32,200 homes.
"Virtual Power Purchase Agreements (VPPAs) are a valuable part of our renewable energy master plan and will help us achieve our targets of Net Zero carbon emissions by 2040 and 100% renewable electricity across our global operations by 2030,” said Ann Tracy, Chief Sustainability Officer of Colgate-Palmolive.
The project, located in both McLennan and Bosque Counties, will create about 300 temporary construction jobs and 3 permanent full-time positions, once operational. It will also provide economic benefits to the community from new tax revenue over the life of the project.
"Markum Solar is an important catalyst for Scout and provides us with our first greenfield solar project that is ready for construction,” said Michael Rucker, CEO and founder of Scout Clean Energy. “Markum paves the way for additional Scout-owned projects which are scheduled to commence construction over the next year."
While Stoel Rives was the legal advisor of Scout for this transaction, Morgan, Lewis & Bockius guided Colgate-Palmolive.