RTX secures major renewable energy agreement with ENGIE North America for Texas facilities
RTX (NYSE: RTX) has entered into a significant agreement with ENGIE North America’s subsidiary, ENGIE Resources LLC, marking a pivotal step in RTX’s sustainability efforts. The agreement, which will last until 2033, will initially provide 100% renewable electricity to six RTX locations in Texas starting in 2024, with plans to expand this to 12 locations by 2028. This deal represents the largest renewable energy procurement in RTX’s history, nearly doubling its use of renewable electricity compared to 2023.
Annette McNeely, Vice President of Environment, Health & Safety at RTX, emphasized the strategic nature of the agreement, stating, “Increasing our use of renewable electricity is a core focus of RTX’s strategy to reduce greenhouse gas emissions across our operations.” The company aims to reach 10% renewable electricity by 2025 and reduce its greenhouse gas emissions by 46% from 2019 levels by 2030.
The deal is set to provide over 1.5 million megawatt hours of renewable electricity across the next decade, which is expected to cut RTX’s emissions by approximately 560,000 metric tons of carbon dioxide. This reduction is equivalent to the annual electricity use of over 100,000 homes. The largest RTX site involved in the deal, the Raytheon facility in McKinney, Texas, will alone consume more than 55% of the total clean energy procured. This facility is a key location for RTX, producing advanced technologies such as high-energy lasers, sensors, and radars.
Part of the renewable electricity for 2024 will be supplied through renewable energy certificates (RECs) from ENGIE’s Priddy Wind Project in Mills County, Texas. The remaining electricity needs for 2024 and beyond will be met through several of ENGIE’s new renewable electricity projects in Texas.
Trio (formerly known as Edison Energy), which served as RTX’s clean energy advisor, played a crucial role in structuring this deal. Joey Lange, Senior Managing Director of Energy Supply Advisory at Trio, highlighted the collaborative effort, saying, “This initiative was the result of a combined process between multiple business units to make a significant impact on RTX’s decarbonization goals.”
RTX’s agreement with ENGIE North America demonstrates a significant move towards sustainable energy use within its operations, setting a strong example for other corporations in terms of environmental responsibility and innovative energy solutions.