117-kW solar photovoltaic system to replace around 15% of current Foremost monthly power consumption with renewable energy
(BARRIGADA HEIGHTS, Guam, Feb. 16, 2023)—Foremost Foods, Inc. (Foremost) and Coca-Cola Beverage Co. (Guam), Inc. (Coca-Cola), the leading non-alcoholic beverage companies on Guam and in Micronesia has signed a solar power purchase agreement with IP&E Holdings, LLC., a local energy company that has been supplying the islands for over 30 years, to procure renewable energy produced by a 117-kilowatt (kW) rooftop solar photovoltaic (PV) system.
Under the agreement signed on Monday, IP&E will underwrite the investment in the solar photovoltaic system which will be installed, operated, and maintained by its affiliate Solenergy Micronesia, an energy systems engineering and solutions provider.
Foremost and Coca-Cola will purchase the power produced by the system at a rate determined by the beverage companies and IP&E for the duration of the contract term. At the end of the term, system ownership will be transferred to Foremost and Coca-Cola.
The grid-tied rooftop solar photovoltaic system featuring 216 solar modules and four units of three-phase inverters will generate approximately 191 megawatt-hours (MWh) of electricity annually. This PV system is expected to enable Coca-Cola and Foremost to replace between 12% and 15% of their monthly power consumption with renewable energy.
The Foremost and Coca-Cola solar PV system should offset the equivalent of 1,530 metric tons of carbon dioxide and 330 gasoline-powered vehicles driven for one year over the duration of the PPA.
Marcos W. Fong, CEO of Foremost and Coca-Cola, said, “The solar rooftop construction forms part of the long-term goal of Coca-Cola and Foremost to reduce the carbon footprint throughout our operations. The initial purchase of renewable energy to power primarily our giant cold storage facility and secondarily the rest of the suite of offices in our corporate headquarters is only the beginning of our concerted effort to achieve energy efficiency and do our part to address climate change through green transition. We will evaluate the impact of our shift to sustainable energy on our operations. The results will inform our future plans to expand sourcing additional capacity for clean energy in the locales where we do business.”
Brian Bamba, managing director of local energy company IP&E Holdings, said, “Sustainability has become such a focus from the global scale to local initiatives. As the licensee for Shell Petroleum Products in this region for over 30 years, IP&E understands the journey to transition our energy from fossil fuels to sustainable solutions can only be achieved if businesses and consumers are able to change products and behavior together, in a coordinated effort that is both environmentally and financially sustainable. I applaud the bold leadership of Marcos Fong, and his team of professionals at Foremost and Coca Cola. IP&E is proud to partner with Foremost and Coca-Cola in this project, expressing mutual commitment to renewable energy solutions for our island and future.”
Christopher H. de Leon, general manager of Solenergy Micronesia touts the advantages afforded by a PPA with the energy systems company.
“As an island that is so close to the equator, solar energy will always be available in abundance in Guam. IP&E, through Solenergy Micronesia, is committed to designing and delivering customized energy solutions for commercial and industrial clients that will reduce their operational expenses and carbon footprint. The equipment, installation and maintenance services are packaged within a power purchase agreement that eliminates the initial capital investment that can be a deterrent to many because of the associated high costs and is structured so that both parties agree on a contract rate and term that conclude with the transfer of system ownership to the client. The structure of this agreement allows businesses to realize their sustainability goals while saving on
energy expenses as soon as the system is installed.”
The construction of the Foremost Coca-Cola solar PV system, to begin soon after the signing of the agreement and permitting, is expected to come online in three to four months from siting to switch on.
Power produced by the Foremost and Coca-Cola solar PV system will allow the companies to mitigate volatility in electricity rates and attain visibility on energy expenses over the short and long term.
