Keysight Signs Virtual Power Purchase Agreement for Renewable Energy
Keysight Technologies, Inc. (NYSE: KEYS), has recently entered into a transformative virtual power purchase agreement (VPPA) with Southern Power, a prominent energy provider in the U.S. This collaboration is an exciting step towards acquiring renewable energy credits from a significant 39 MW segment of the Phase III expansion at the Millers Branch Solar Facility.
Supporting Sustainable Energy Development
This VPPA aligns with Keysight’s vision of supporting renewable energy initiatives, showcasing the company's dedication to tackling the pressing challenges associated with climate change. The third phase of this development, located in Texas, is anticipated to commence commercial operations in the early part of Keysight’s fiscal year 2027.
Significant Impact on Energy Consumption
With this agreement, Keysight is set to generate renewable electricity that parallels 100% of its electricity needs in both the United States and Canada. This ambitious commitment marks a substantial stride toward the company's renewable electricity goals, aspiring to meet its near-term science-based targets and achieve net-zero greenhouse gas emissions in operations by the conclusion of fiscal year 2040.
Leadership Commitment to Sustainability
Ingrid Estrada, Chief People and Administrative Officer at Keysight, expressed pride in the initiative stating, “We are proud to support the development of new renewable electricity and reduce global greenhouse gas emissions. By signing our first VPPA, Keysight is taking a huge step in our sustainability journey, and we look forward to making continued progress in this space.”
Resources for Stakeholders
Keysight also provides valuable resources to further educate stakeholders and the public about their Corporate Social Responsibility initiatives. Their online portals summarize their efforts and progress in sustainability, allowing for transparency and engagement from interested parties.
About Keysight Technologies
At Keysight Technologies (NYSE: KEYS), the company is dedicated to inspiring and empowering innovators to develop groundbreaking technologies. As a leader in the S&P 500, Keysight offers cutting-edge design, emulation, and testing solutions, helping engineers reduce risks and fast-track their product life cycles. The company partners with a wide array of industries including communications, industrial automation, aerospace, automotive, and semiconductors, furthering the objective of connecting and securing the world through innovation. For more information, visit their official website.
Frequently Asked Questions
What is a Virtual Power Purchase Agreement (VPPA)?
A VPPA is a contract between a buyer and a seller whereby the buyer agrees to purchase renewable energy credits, supporting the development of renewable energy projects.
How does Keysight's VPPA contribute to its sustainability goals?
This agreement will allow Keysight to source renewable energy that matches its consumption across North America, aiding in achieving a net-zero greenhouse gas emissions target by fiscal year 2040.
What does the Millers Branch Solar Facility expansion entail?
Phase III expansion of the Millers Branch Solar Facility involves a 39 MW increase in renewable energy capacity, which will produce credits for Keysight under their VPPA agreement.
When is the expected commercial operation start date for the facility?
The Phase III expansion is projected to start commercial operations in early fiscal year 2027.
Why is renewable energy important for companies like Keysight?
Utilizing renewable energy is crucial for reducing greenhouse gas emissions, supporting corporate sustainability efforts, and meeting regulatory requirements for clean energy production.
