Switzerland-headquartered Sandoz (SDZ,SDZNY), engaged in generic and biosimilar medicines on Tuesday announced the signing of a 10-year virtual Power Purchase Agreement with Elawan Energy to build new solar projects in Valladolid, Castilla y León, Spain.
Financial details of the transaction have not been disclosed.
Under the agreement, Sandoz and Elawan Energy, a global player in the renewable energy sector would jointly develop new solar projects with a total installed capacity of 150 MW.
The partnership is expected to meet nearly 90 percent of current electricity demand for Sandoz operations across the company's European sites.
The agreement also marks a concrete step in the company's decarbonization strategy, reinforcing its commitment to climate action and sustainable operations.
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