McDonald's strikes 15-year power purchase deal with EDF

Sep. 13, 2022 12:22 PM ETMcDonald's Corporation (MCD)By: Preeti Singh, SA News Editor1 Comment

Close-up McDonalds outdoor sign against blue sky

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  • McDonald's (NYSE:MCD) has reached a 15-year virtual power purchase agreement with EDF Renewables North America in a bid to address its restaurant electricity carbon footprint.
  • McDonald's (MCD) has committed to the purchase of clean energy from EDF's 255 MWac / 332 MWdc Apollo Solar project as part of its sustainability goals.
  • Located in Texas, Apollo Solar is expected to begin delivery of low carbon electricity in June 2024. Approximately 300 jobs are expected to be created during the 2023-2024 construction phase with over $30M generated in new tax revenue over the operating life for taxing entities.
  • Once complete, the project is expected to generate 619,000 MWh of low-carbon energy annually, enough to meet the consumption of over 1,200 McDonald's (MCD) restaurants across the U.S.
  • MCD shares were down over 1% shortly before 12.30 PM ET.

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