Hikma Advances Climate Progress With First Solar Energy Agreement

Hikma Pharmaceuticals PLC is delighted to announce that it has signed its first virtual power purchase agreement (VPPA) with Q ENERGY. This marks a significant milestone in Hikma’s sustainability journey and commitment to reducing Scope 2 emissions by 25% by 2030 compared to a 2020 baseline. SE Advisory Services, Schneider Electric's global consulting practice, supported Hikma throughout the transaction as part of its Energize programme.

The 10-year agreement will support a newly-built 34.6 MWp solar park in Castilla-La Mancha near Madrid, Spain. From 2027, the VPPA will deliver approximately 40,000 MWh of renewable electricity to support Hikma’s European manufacturing operations.

Tim Brooks, VP Sustainability at Hikma, said: "This agreement with Q ENERGY advances our target to reduce Scope 1 and 2 emissions by 25% by 2030. It will generate enough energy to cover our operations in Portugal, Spain, Italy and Germany. Protecting the environment is key to help us expand patient access to high-quality medicines.”

"This agreement highlights the important role that corporate renewable energy procurement plays in supporting the energy transition," said Meishi Tan, Head of PPA and Structured Origination. "We are pleased to help deliver Hikma's sustainability objectives while helping bring new solar generation online in Spain."

"Hikma's first VPPA demonstrates how companies turn climate goals into action," said Fabien Chene, Head of Sustainability Business Europe, SE Advisory Services. “We are proud to have supported Hikma by providing guidance and enabling the company to reduce emissions, accelerating the development of new clean energy capacity."