PepsiCo (NYSE: PEP) plans to invest more than $30 million over the next three years to develop renewable energy projects in the US.
The investment will replace the company's green power purchasing initiative of recent years. The company has held a regular spot at the top of the EPA's list of companies purchasing renewable energy certificates (RECs). However, the company believes it can reduce its environmental impact more effectively by developing alternative power for its operations, according to Rob Schasel, Director of Energy and Resource Conservation at PepsiCo, who published a column on GreenBiz.com.
He said projects could include installation of a biomass boiler for a snack food facility; installation of solar photovoltaic and thermal generation in California beverage plants; development of bio-gas energy in Florida; and various photovoltaic projects at distribution centers or other facilities.
"Now, we believe we can have a greater impact on carbon reduction by developing renewable and alternative energy solutions at a facility level." he said. "RECs played a central role in our sustainability journey so far, and we are excited to embark on this next phase."
