Johnson & Johnson advised by Baker McKenzie on achieving 100% renewable electricity by 2025
The world's largest and most broadly-based healthcare company Johnson & Johnson was advised by leading global law firm Baker McKenzie on three different virtual power purchase agreements (VPPAs) in Europe, considerably speeding up the company's march towards its ambitious aim of meeting 100% of its electricity needs from renewable sources by 2025.
A mix of wind and solar projects in Spain for a 104 megawatts (MW) or around 270,000 megawatt hours (MWh) total generation capacity of renewable energy per year makes up the three VPPAs. This translates into avoiding carbon emissions from over 41,000 passenger cars annually.
The wind and solar projects have been developed by Enel Green Power and are expected to become operational in 2023. Without Johnson & Johnson's commitment, the projects would not have been financed and developed.
All Johnson & Johnson property sites across its three business sectors i.e. medical devices, pharmaceuticals and consumer health in France, Germany, Spain, UK, Sweden, Switzerland, Greece, and Italy will be provided the equivalent of 100% renewable electricity.
London associate Saskia Volhard and Senior Associate Graham Richmond, working with a team in Madrid led by partner Rossanna D'Onza and Senior Associate Paloma Moreno de la Santa led the cross-border Baker McKenzie team. Johnson & Johnson was advised on the projects by Schneider Electric, which is the leader in digital transformation of energy management and automation.
"As the need for climate action grows, decarbonisation is becoming a major goal for more organizations, and procuring clean energy is a crucial strategy in this effort. We are thrilled to be leading in these efforts, and to work alongside Schneider Electric to help Johnson & Johnson not just on its VPPAs, but in directly helping to accelerate the renewable energy transition in Europe," said Graham.
For long, Baker McKenzie has pioneered development of Corporate PPAs, having released a number of global reports over many years as PPAs have become increasingly popular and sophisticated products across multiple industries as a means of achieving sustainability-related goals.