Project marks major step toward Toyota Motor North America’s carbon neutrality goals
RUNNELS COUNTY, Texas August 22, 2024 – Toyota Tsusho America, Inc. (“Toyota Tsusho”), a wholly owned subsidiary of Toyota Tsusho Corporation, Japan, announced today its commitment to invest in the development, construction, ownership, and operation of a 125-megawatt (MW) solar power plant in Runnels County, Texas.
In anticipation of project completion, Toyota Tsusho has entered into a renewable energy, Virtual Power Purchase Agreement (VPPA) with Toyota Motor North America (“TMNA”) for the full output of this solar power plant, estimated at 330,000 megawatt-hours (MWh) annually. This output is equivalent to powering approximately 28,500 U.S. homes and will contribute significantly to reducing CO2 emissions by roughly 230,000 metric tons per year. Mitsubishi UFJ Financial Group (MUFG) will provide limited recourse project financing for the solar power project.
This 125MW solar project follows the successful launch of a 30MW solar power plant in Huntsville, Alabama which recently went online in June of 2024. Both projects demonstrate TMNA’s dedication to achieving carbon neutrality in its operations, in North America, by 2035.
“Toyota takes a science-based approach to address climate change and the reduction of greenhouse gas emissions,” said David Absher, TMNA Environmental Sustainability leader. “Through off-site, VPPA renewable energy projects like the Toyota Tsusho 125-megawatt solar PV project in Runnels County, we advance our goals to reduce the carbon footprint of our operations.”
The project is being led by Toyota Tsusho’s Green Energy business unit, who will oversee all aspects from development and construction to long-term operations.
“Addressing the pressing issue of climate change is a top priority for our company and we are committed to finding innovative and effective solutions,” said Naoyuki Hata, President and CEO of Toyota Tsusho America, Inc. “By leveraging our expertise and collaborating with our customers– who are making progress toward sustainability goals – this Solar Project is an opportunity to create a positive impact on local communities. As well as pave the way for a sustainable future on a global scale.”
Construction is expected to commence this spring with solar energy generation slated to begin in summer of 2025.
###
About Toyota
Toyota (NYSE:TM) has been a part of the cultural fabric in the U.S. for more than 65 years, and is committed to advancing sustainable, next-generation mobility through our Toyota and Lexus brands, plus our nearly 1,500 dealerships.
Toyota directly employs more than 49,000 people in the U.S. who have contributed to the design, engineering, and assembly of more than 34 million cars and trucks at our nine manufacturing plants. By 2025, Toyota’s 10th plant in North Carolina will begin to manufacture automotive batteries for electrified vehicles. With more electrified vehicles on the road than any other automaker, Toyota currently offers 30 electrified options.
Through its Driving Possibilities initiative, the Toyota USA Foundation has committed to creating innovative educational programs within, and in partnership with, historically underserved communities near the company’s U.S. operating sites.
For more information about Toyota, visit www.ToyotaNewsroom.com.
About Toyota Tsusho America, Inc.
For more than 60 years in the U.S., Toyota Tsusho America, Inc. (“TAI”), together with its subsidiaries and affiliates, has been creating value through its creative, can-do approach to solving business and societal challenges. Leaders in exporting and importing, supply chain management, new manufacturing, intermediate goods processing, and logistics in the United States, Canada, Mexico, and the Caribbean. TAI’s North American team of more than 8,000 are proven experts in making it happen.
Renewable Energy and Energy Management is one of the seven priority domains in Toyota Tsusho Group’s growth strategy. Toyota Tsusho Group will continue to accelerate initiatives for the adoption and expansion of renewable energy in the US and globally.Learn more about Toyota Tsusho America by visiting www.taiamerica.com.
