Financial News

La-Z-Boy Signs Long-Term Renewable Energy Deal

SOURCE: Schneider Electric

DESCRIPTION:

La-Z-Boy Incorporated, a global leader in residential furniture, has finalized a 10-year resource-backed virtual power purchase agreement (VPPA), extending through the end of 2030, with AEP Energy Partners, a competitive energy subsidiary of American Electric Power. The agreement signifies a meaningful initiative as La-Z-Boy expands its environmental programs in its quest to reduce its carbon footprint. La-Z-Boy’s VPPA will support approximately 70,000 MWh of renewable energy per year, from AEP’s principally owned Santa Rita East wind energy center in Irion County, Texas, throughout the term of the agreement. Once fully implemented, La-Z-Boy will receive renewable energy certificates (REC) equivalent to roughly 16 MW of wind power capacity representing more than 90% of La-Z-Boy’s current total annual domestic energy consumption.

Darrell Edwards, Senior Vice President and Chief Operating Officer, said:

“This new agreement with AEP Energy Partners is an example of La-Z-Boy’s commitment to the environment and our ongoing efforts to both integrate sustainable business practices throughout our operations and support offsite renewable energy projects. We are delighted to make this announcement as the world celebrates Earth Day tomorrow and will continue to add to our growing portfolio of projects that reduce our carbon footprint for the benefit of generations to come. We’d also like to thank Schneider Electric Energy and Sustainability Services for advising us on the VPPA.”

“We are pleased to partner with La-Z-Boy to support clean, renewable energy resources,” said Greg Hall, President, AEP Energy Partners. “AEP Energy Partners is committed to providing innovative competitive clean energy solutions for our customers to achieve their corporate sustainability goals.”

 

Tweet me: La-Z-Boy Incorporated, has finalized a 10-year resource-backed virtual power purchase agreement, extending through the end of 2030, with @AEPenergy, a competitive energy subsidiary of American Electric Power. https://bit.ly/3h1TA2o @lazboy @SchneiderElec

KEYWORDS: EPA:SU, La-Z-Boy, renewable energy, Sustainability

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