L3Harris Technologies (NYSE:LHX) has entered into a long-term virtual power purchase agreement for renewable energy to help reach its emissions reduction goal. The company plans to reduce its greenhouse gas (GHG) emissions companywide by nearly 30% by 2026.
L3Harris signed the virtual power purchase agreement with energy provider Lightsource bp for up to 100 megawatts of capacity from a new solar farm expected to begin operation in the second half of 2021. The company will receive renewable energy certificates from the solar project to reduce GHG emissions from its overall operations. L3Harris’ agreement is the equivalent of eliminating about 110,000 metric tons of CO2 per year or removing 24,000 cars from the road every year.
“We are committed to business practices that support a sustainable global environment,” said William M. Brown, Chairman and Chief Executive Officer. “The renewable energy agreement is part of our broader sustainability strategy to reduce greenhouse gas emissions and our overall environmental impact.”
The agreement enables Lightsource bp to finance and construct the Elm Branch solar project, which is scheduled to break ground later this year in Texas.
“The renewable energy sector is helping businesses meet their sustainability goals while advancing our transition toward low carbon and creating meaningful economic benefits for communities around the country,” said Kevin Smith, CEO of Lightsource bp for the Americas. “This agreement with L3Harris is supporting development of new solar energy infrastructure in Texas that will provide a clean and economic source of electric power while creating hundreds of jobs in the greater Dallas Fort Worth area.”
L3Harris selected the Lightsource bp solar farm following a competitive procurement process led by energy advisor Customer First Renewables.
About L3Harris Technologies
L3Harris Technologies is an agile global aerospace and defense technology innovator, delivering end-to-end solutions that meet customers’ mission-critical needs. The company provides advanced defense and commercial technologies across air, land, sea, space and cyber domains. L3Harris has approximately $18 billion in annual revenue and 48,000 employees, with customers in more than 100 countries. L3Harris.com.
This press release contains forward-looking statements that reflect management's current expectations, assumptions and estimates of future performance and economic conditions. Such statements are made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The company cautions investors that any forward-looking statements are subject to risks and uncertainties that may cause actual results and future trends to differ materially from those matters expressed in or implied by such forward-looking statements. Statements about reductions in greenhouse gas emissions are forward-looking and involve risks and uncertainties. The company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
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