McCormick Adds Solar to its Energy Supply
SPARKS, Md.--(BUSINESS WIRE)--
McCormick & Company, Incorporated (NYSE:MKC) today announced that it has signed an agreement with Constellation Energy's Projects & Services Group, a subsidiary of Constellation Energy (NYSE:CEG), under which Constellation Energy's Projects & Services Group will construct an approximately one megawatt solar power system at McCormick's Spice Mill and Distribution Center in Hunt Valley, Md. McCormick will purchase the electricity generated from the system. The spice mill is important globally for McCormick as it is the company's largest milling and grinding facility.
"This solar power system is another tangible sign of our commitment to sustainability," stated Alan Wilson, McCormick's President & CEO. "The project will allow us to both reduce our energy costs while providing renewable energy to Maryland electricity customers. It is a win-win for the environment and our company. More than ever, businesses must be mindful of community impact. At McCormick we consider it a core value."
The installation will feature approximately 80,000 square feet of thin-film solar material--lightweight, flexible photovoltaic material that can be easily applied directly to existing rooftops--that is expected to generate 500 kilowatts of electricity. An additional 500 kilowatts of electricity is expected to be generated by approximately 2,800 Solar World 175 watt crystalline solar panels.
Constellation Energy's Projects & Services Group estimates that the project will reduce greenhouse gas emissions by almost 1,000 metric tons annually and reduce McCormick's electricity costs for this facility by approximately 30 percent in the first year alone. The energy supplied by this project annually is expected to be equivalent to the electricity used by 110 homes in a year.
"On-site solar power installations provide reduced energy costs and long-term price predictability, from a clean, renewable power source," said Greg Jarosinski, President and CEO of Constellation Energy's Projects & Services Group. "Constellation Energy provides the right mix of financial and construction experience to customize renewable energy projects that fit customers' operational and fiscal needs."
As part of this project, Constellation Energy's Projects & Services Group will own the energy assets and sell the electricity it generates on site to McCormick & Company under a 20-year power purchase agreement. This structure enables organizations to undertake renewable energy generation with no upfront capital expenditure. Constellation Energy's Projects & Services Group's comprehensive approach to on-site solar power projects provides customers with a single-source renewable energy partner, from project planning through long term power supply.
About McCormick
McCormick & Company, Incorporated is a global leader in the manufacture, marketing and distribution of spices, seasonings and flavors to the entire food industry - retail outlets, food manufacturers and food service businesses. As a business that depends on agriculture for much of our products, we are mindful of our environmental impact. More information can be found at www.mccormick.com.
About Constellation Energy's Projects & Services Group
Constellation Energy's Projects and Services Group (www.ceprojects.com) is the energy services arm of North America's largest retail and wholesale energy company, Constellation Energy (NYSE:CEG). Serving business and institutional customers nationwide, Constellation Energy's Projects and Services Group specialize in financial and environmental solutions that can significantly reduce energy consumption and costs. Constellation Energy's Projects and Services Group delivers the technical expertise to develop large scale energy projects, such as solar, biomass and geothermal projects and on- or off-site power generation systems. The company also designs and implements full energy system retrofits that save energy and reduce harmful emissions.
Source: McCormick & Company, Incorporated