Lockheed Martin (NYSE: LMT) said Feb. 1 that it has entered into a 17-year power purchase agreement for solar electricity produced by Duke Energy Renewables, a unit of Duke Energy (NYSE: DUK).
The renewable power purchase, which is expected to produce 30 MW (approximately 72,000 megawatt hours per year) of solar energy for the U.S. national grid, will provide clean energy across all Lockheed Martin domestic business segments.
The new solar facility, operated by Duke Energy Renewables in Conetoe, North Carolina, is currently the largest solar generating facility east of the Mississippi River, producing 80 MW in total, Lockheed Martin noted. As part of Lockheed Martin’s sustainability commitments, the corporation is focused on reducing overall energy consumption and greenhouse gas emissions through energy-efficiency measures as well as renewable energy projects.
“Signing this agreement for the acquisition of large-scale renewable power is a significant milestone towards our commitment to environmental stewardship and is one more step in the expansion of our Go Green program looking for operational efficiencies and best business value to our operations,” said Lockheed Martin Vice President of Energy, Environment, Safety and Health Carol B. Cala. “We have a goal to reduce our greenhouse gas emissions by 35% by 2020 based on our 2010 emissions, and with this investment in renewables we are one step closer to achieving that goal.”
“We commend Lockheed Martin for its progressive goals and are pleased to deliver a competitively-priced solar solution that helps the company move forward with its commitment to sustainable operations,” said Greg Wolf, Duke Energy Commercial Portfolio president.
Lockheed Martin uses nearly 260,000 megawatt hours of green power annually including renewable energy credits, which is enough to meet 16% of the corporation’s electricity use.
“We’re demonstrating that investing in large-scale renewable power that delivers cleaner electricity doesn’t have to cost more,” said Leo Mackay, Lockheed Martin vice president of Ethics & Sustainability.
Headquartered in Bethesda, Maryland, Lockheed Martin is a global security and aerospace company that – with the addition of Sikorsky – employs approximately 126,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services.
About Duke Energy Renewables has a growing portfolio of commercial renewable assets includes 18 wind farms and 35 solar farms in operation in 12 states, totaling about 2,500 MW in electric-generating capacity.