CordenPharma Colorado has sealed an off-site net metering agreement with Pivot Energy, a national renewable energy provider.

Under the terms of the agreement, CordenPharma Colorado will tap into renewable energy generated by solar installations owned and operated by Pivot Energy, enabling the pharmaceutical giant to offset a portion of its electricity consumption at its Boulder, CO campus with clean, solar-generated power. This collaboration underscores CordenPharma's firm commitment to curbing its carbon footprint and championing environmental stewardship.

Pivot Energy is slated to develop two distinct solar arrays for CordenPharma Colorado, boasting a combined capacity of 6.7 Megawatts (MWdc) (5.25 MWac). These installations are projected to produce ample renewable energy to offset 51 percent of CordenPharma's electricity usage. The forthcoming projects, situated in Weld and Garfield Counties, are anticipated to be fully operational and interconnected to Xcel Energy's utility grid by 2026.

The solar installations by Pivot Energy will channel clean electricity into the grid, with CordenPharma accruing credits for the energy generated. This arrangement not only bolsters the expansion of renewable energy infrastructure but also fosters sustainable growth within the communities it serves.

"Environmental, Social, and Governance (ESG) is a top priority of both CordenPharma and our private equity shareholders, Astorg," remarked Dr. Michael Quirmbach, CEO and President of CordenPharma. "We work with companies such as Pivot Energy to achieve the highest level of sustainability ratings for our facilities as it is our responsibility as a leading CDMO to contribute to a low-carbon economy."

CordenPharma's affiliation with the Science Based Targets Initiatives (SCTi), announced in December 2022, underscores its commitment to evaluating and establishing company-wide emissions reduction targets. With various initiatives and programs in place to meet these targets, the collaboration with Pivot Energy marks the latest endeavor in its pursuit of carbon neutrality.

"We are thrilled to work with CordenPharma to facilitate their transition to renewable energy through off-site net metering," expressed Matt Brenn, Director, Business Development at Pivot Energy. "By leveraging innovative solar power solutions, CordenPharma is demonstrating its leadership in sustainability and paving the way for others in the pharmaceutical industry and the state to follow suit."