Reaching 100% renewable electricity in 10 years - that’s a bold target. And bold targets require bold solutions.

One way Teva is working toward this target is through Virtual Power Purchase Agreements, or VPPAs. These are long-term contracts that help build new clean energy projects, like solar farms. They go beyond Teva sites and bring more renewable energy into the public grid. 

Teva just signed its second VPPA for a new solar project in Bulgaria. Together with the Spain VPPA already in place, this has the potential to cover 90% of Teva's electricity needs in Europe.

Over the life of the agreement, the project is expected to avoid approximately 15,840 metric tons of CO₂e emissions per year [1], supporting Teva’s goal to reduce Scope 1 and 2 emissions by 46.2% by 2030. It also sets a precedent for integrating storage within VPPA structures, enhancing grid resilience and the value of renewable energy procurement.

“This agreement represents another significant step forward in our decarbonization journey,” said Josh Decktor, Vice President, Head of Global Environment Health Safety & Sustainability, Teva. By investing in a newly built solar asset with integrated storage, we are not only securing clean energy but also enhancing grid resilience and flexibility – key components of our strategy to meet our science-based targets.”

It’s complex - complementing on-site solutions by expanding renewable energy at the grid level. But with true teamwork across the company and with its partners, Teva is delivering on its promise to contribute to a healthier planet.

Want to learn more about Teva's targets and  progress towards them? Read the latest Healthy Future Report: https://ow.ly/EXR250X23Fs

^{[1]Total expected volume of electricity generated the first year of the PPA (60 GWh) x 2024 Bulgarian electricity carbon intensity (264 gCO₂e/kWh – Our World in Data) = 15,840 tCO₂e”}

Teva Pharmaceutical

Teva Pharmaceutical

Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) has been developing and producing medicines to improve people’s lives for more than a century. We are a global leader in generic and specialty medicines with a portfolio consisting of over 3,500 products in nearly every therapeutic area. Around 200 million people around the world take a Teva medicine every day, and are served by one of the largest and most complex supply chains in the pharmaceutical industry. Along with our established presence in generics, we have significant innovative research and operations supporting our growing portfolio of specialty and biopharmaceutical products. Learn more at www.tevapharm.com.

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