Teva Pharmaceuticals has signed a 15-year virtual power purchase agreement (VPPA) with Austrian renewables firm Enery to support a new 122-MW solar project with integrated battery storage in Bulgaria. The deal is expected to generate about 60,000 MWh annually, supplying renewable electricity to Teva’s Bulgarian operations and marking the company’s first hybrid VPPA in the Central and Eastern Europe region.
The Bulgarian VPPA follows a similar contract signed in Spain, together expected to cover up to 90% of Teva’s European electricity needs. By combining solar and storage capacity—two battery systems totaling 200 MWh—the Bulgarian project also helps reduce curtailment and provides more flexible integration with the local grid.
Schneider Electric advised on the agreement, which is part of Teva’s broader plan to reach 100% renewable electricity within a decade.
The contract supports Teva’s science-based targets, which include cutting Scope 1 and 2 emissions 46.2% by 2030. Over its lifetime, the new project is expected to avoid nearly 15,840 metric tons of CO₂e annually.
Hybrid VPPAs are gaining traction in Europe as corporations seek not only to lock in renewable supply but also to enhance reliability. By integrating battery storage, these agreements contribute to grid resilience while providing companies with a more stable hedge against wholesale price volatility.
Teva joins a growing group of pharmaceutical and life sciences companies pursuing VPPAs to meet ambitious climate goals.
As Teva’s European contracts approach maturity, the company’s next challenge will be scaling similar agreements globally—while maintaining transparency, additionality, and verified emissions reductions.
