Health Of The Planet - CVS Health Inks Deal To Purchase Renewable Energy From Constellation

CVS Health Corporation CVS inked an 18-megawatt agreement with Constellation Energy Corporation CEG to buy zero-emission, renewable energy, which will be equivalent to the annual electricity use of its 147 CVS Health locations throughout Michigan.

CVS Health will use the Constellation Offsite Renewables (CORe) product to facilitate its renewable energy transaction. The CORe connects customers to the economic benefits of large-scale, offsite renewable energy projects.

Through a 12-year agreement beginning in April 2025, CVS Health will purchase energy and renewable energy certificates (RECs) from Swift Current Energy's Double Black Diamond Solar Project in Illinois. Constellation and Swift Current Energy have a long-term agreement.

Also Read: Why CVS Health, Humana And Elevance Shares Are Moving Lower

In total, CVS Health will procure approximately 35,000-mega-watt hours of energy per year from Double Black Diamond, which will help the company reduce its carbon footprint by nearly 17,000 metric tons.

Also Read: Why CVS Health, Humana And Elevance Shares Are Moving Lower

Price Action: CVS shares are trading lower by 6.10% to $67.85 on the last check Wednesday.