15 Sep 2023
Scout Clean Energy (Scout), a Colorado-based renewable energy developer-owner-operator is pleased to announce they have signed an agreement with Colgate-Palmolive to purchase power from Scout's 209-megawatt (MWdc) Markum Solar Farm (Markum) near Waco, Texas. Markum Solar Farm will generate enough clean energy for the ERCOT grid to power approximately 32,200 homes.
Scout plans to begin project construction in fall 2023. Scout Clean Energy will manage the construction and it is targeted to be complete by the end of 2024.
"With the PPA and construction contracts executed, we are extremely excited to move forward with the 209 MW Markum Solar project. These contracts provide Scout the certainty to build our first solar project," said Michael Rucker, CEO and founder of Scout Clean Energy. "We had significant interest in the project and are pleased to have completed a power purchase agreement with Colgate-Palmolive."
"Colgate-Palmolive is committed to making progress towards our ambitious Net Zero goals, and we are pursuing this important priority through innovative and diverse ways that are proven and measurable," said Ann Tracy, Chief Sustainability Officer, in Colgate-Palmolive's announcement. "Virtual Power Purchase Agreements ("VPPAs") are a valuable part of our renewable energy master plan and will help us achieve our targets of Net Zero carbon emissions by 2040 and 100% renewable electricity across our global operations by 2030."
Markum is in both McLennan and Bosque Counties and is scheduled for delivery in 2024. The project will result in approximately 300 temporary construction jobs and 3 permanent full-time positions when the facility begins operation and the economic benefits to the community from new tax revenue over the life of the project are expected to be significant.
"We are pleased to work with Colgate to deliver carbon-free solar energy and make a significant investment into the local community, creating new sustainable energy jobs and tax revenue for local schools. The planned facility represents a significant investment in Texas and communities in Bosque and McLennan Counties," explained Rucker. "Colgate's commitment made this possible."
Scout is a portfolio company of Brookfield Renewable. Brookfield acquired Scout at the beginning of 2023, and Scout continues to execute on its significant growth plans.
"Markum Solar is an important catalyst for Scout and provides us with our first greenfield solar project that is ready for construction. Markum paves the way for additional Scout-owned projects which are scheduled to commence construction over the next year," said Michael Rucker.
Scout's legal advisor was Stoel Rives LLP and Colgate-Palmolive's legal advisor on the transaction was Morgan, Lewis & Bockius.
Scout Clean Energy | www.scoutcleanenergy.com
Brookfield Renewable | https://bep.brookfield.com/