Toyota To Turn Coal Mine Into Solar Facility As Part Of Carbon-Neutral Initiative
Portfolio Pulse from Shivani Kumaresan
Toyota Motor Corp (NYSE:TM) and Savion have signed a power purchase agreement for Toyota to offtake 100-megawatts (MW) of electricity generated by Savion's Martin County Solar Project. The project will convert the former Martiki Coal Mine into a solar photovoltaic energy facility, with construction starting in mid-2023 and commercial operation expected in 2024.
May 24, 2023 | 2:22 pm
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Toyota signs power purchase agreement with Savion for 100MW of electricity from Martin County Solar Project, supporting Toyota's carbon-neutral initiative.
The partnership with Savion for the Martin County Solar Project will help Toyota reduce its carbon footprint in North America and align with its goal of making all operations in the region carbon-neutral by 2035. This positive news is likely to have a short-term positive impact on Toyota's stock price.
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