GreenFront Advises Universal Corporation on Renewable Power Purchase Agreement with Clearway Energy Group

Addresses Emissions from 100% of Universal’s Annual U.S. Purchased Electricity Demand

January 30, 2024

GreenFront is pleased to announce the successful signing of a virtual power purchase agreement between Universal Corporation (NYSE: UVV) and Clearway Energy Group. The Texas solar project will begin construction later this year and will provide enough clean energy to power all of Universal’s U.S. operations.

The project, scheduled to begin delivering under the VPPA in 2026, will create an estimated 350 construction jobs and produce significant new tax revenue for the local community over the life of its operations. Universal has made a long-term commitment through the VPPA to purchase a portion of the renewable power delivered to the grid by the large-scale solar facility while also receiving the associated renewable energy certificates. Universal's agreement equates to around 70,000 MWh of renewable electricity per year and is expected to reduce greenhouse gas emissions by approximately 15,000 metric tons, which is 45% of Universal's Scope 1 and 2 emissions in the United States.

GreenFront Energy Partners provided strategic and financial advisory services to Universal throughout the procurement process.

Link here to Universal’s original press release.