THE WHAT? French beauty company L’Oréal has signed two new electricity contracts with power giant EDF, which aim to help the company become carbon neutral at all its sites by 2025, according to a report by Reuters.
THE DETAILS The contracts include an electricity supply contract with EDF during 2024 and 2025, which will see the power giant supply L’Oréal’s French production sites, including volume from a Corporate Power Purchase Agreement (C-PPA).
Likewise they involve the direct purchase by L’Oréal Group from renewable sources with EDF Renouvelables under a C-PPA from the production of two solar farms aggregated by EDF’s subsidiary Agregio, according to Reuters.
Two solar power plants will be built and operated by EDF Renewables, with the direct purchases covering the supply for 15 years from both plants.
EDF has stated that the first power plant is due to be operational by Q3 2024, with the second by Q2 2025.
THE WHY? With the ongoing call for the cosmetics industry to actively become more sustainable, the contracts allow the L’Oréal Group to benefit from a ‘controlled purchase price over the long term’, which guarantees the renewable original of the electricity.
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