WestRock, ENGIE Agree To Add Renewable Energy To US Grid

(RTTNews) - WestRock Co. (WRK), a fiber-based paper and packaging company, announced on Tuesday that it has entered into two virtual power purchase agreements or VPPAs with ENGIE North America (ENGIE), a subsidiary of German utility company ENGIE S.A. (GZF.DE).

The VPPAs are designed to add renewable energy to the U.S. energy grid to aid WestRock's commitment to reduce greenhouse gas emissions by reducing greenhouse gas emissions on the U.S. energy grid beginning in 2024.

The agreements support ENGIE's solar projects located in Bernard Creek and Chillingham Solar of Texas for an aggregate of 282 megawatts.

The project at Bernard Creek is a 230 MW solar project expected to have an annual output of around 500,000 MWh. It is also expected to generate more than $45 million in revenue for Wharton County over its lifespan and create more than 250 jobs during construction. It is slated to be completed in the first half of 2024.

On Monday, WestRock shares are closed at $37.52, down 1.86% on the New York Stock Exchange and Engie shares are trading at 15.24 euros down 0.69% in Germany