Benzinga | Sep 21, 2020 09:02AM EDT

L3Harris Technologies Signs Renewable Energy Agreement As Part Of Effort To Reduce Greenhouse Gas Emissions

Highlights:

* Virtual power purchase deal with Lightsource bp for up to 100 megawatts a year from solar farm

* Commitment is equivalent to removing 24,000 cars per year from the road

* Part of company's long-term sustainability and conservation plan

L3Harris Technologies (NYSE:LHX) has entered into a long-term virtual power purchase agreement for renewable energy to help reach its emissions reduction goal. The company plans to reduce its greenhouse gas (GHG) emissions companywide by nearly 30% by 2026.

L3Harris signed the virtual power purchase agreement with energy provider Lightsource bp for up to 100 megawatts of capacity from a new solar farm expected to begin operation in the second half of 2021. The company will receive renewable energy certificates from the solar project to reduce GHG emissions from its overall operations. L3Harris' agreement is the equivalent of eliminating about 110,000 metric tons of CO2 per year or removing 24,000 cars from the road every year.

"We are committed to business practices that support a sustainable global environment," said William M. Brown, Chairman and Chief Executive Officer. "The renewable energy agreement is part of our broader sustainability strategy to reduce greenhouse gas emissions and our overall environmental impact."

The agreement enables Lightsource bp to finance and construct the Elm Branch solar project, which is scheduled to break ground later this year in Texas.

"The renewable energy sector is helping businesses meet their sustainability goals while advancing our transition toward low carbon and creating meaningful economic benefits for communities around the country," said Kevin Smith, CEO of Lightsource bp for the Americas. "This agreement with L3Harris is supporting development of new solar energy infrastructure in Texas that will provide a clean and economic source of electric power while creating hundreds of jobs in the greater Dallas Fort Worth area."

L3Harris selected the Lightsource bp solar farm following a competitive procurement process led by energy advisor Customer First Renewables.

About L3Harris Technologies