International Flavors & Fragrances Inc. (NYSE:IFF), a leading global creator of flavors and fragrances for consumer products, today announced the grand opening of its photovoltaic solar installation at its Hazlet, New Jersey facility, supporting the Company’s commitment to clean, renewable energy as part of its overall sustainability strategy.
“As IFF has moved to embed sustainability throughout our operations and processes, this solar installation is a physical testament to how aligning our commitment to sustainability with corporate long-term strategy helps us achieve Triple Bottom Line benefits,” said Doug Tough, IFF’s Chairman and Chief Executive Officer. “We are proud to be at the forefront of using renewable energy in the Flavors and Fragrances industry and see a future where such innovations extend beyond local boundaries and provide a competitive advantage for us on a global scale.”
Nicolas Mirzayantz, IFF Group President, Fragrances and Executive Sustainability Champion, said, “This solar installation will stand as a visible symbol of IFF’s commitment to product creation and manufacturing in a sustainable manner, as well as a pillar of employee pride as it becomes the prototype for future renewable energy installations.”
The 4,000 kilowatt solar installation has more than 16,000 modules and approximately 1 million solar cells covering 20 acres of IFF property. The solar installation is a major milestone in IFF’s sustainable development and corporate social responsibility initiatives. It aligns with the Company’s values and its corporate strategy, demonstrating commitment to its Sustainability Triple Bottom Line strategy:
- Environmentally: the installation is expected to supply 40 percent of the electricity needs of the Hazlet, NJ fragrances manufacturing and creative center facilities. The clean energy generated is projected to reduce the site’s carbon dioxide emissions by approximately 3,200 metric tons annually and prevent greenhouse gas emissions equivalent to planting approximately 2,600 acres of trees a year.
- Economically: IFF partnered with GeoPeak Energy in the development of a Power Purchase Agreement. This has the double benefit of no capital investment from IFF and projected annual savings in electricity costs.
- Socially: this project was developed through the creativity, passion and expertise of IFF’s Hazlet Green Team with the support of corporate leadership and many corporate functions. The solar field is already a source of pride for the local community, recently receiving the Corporate Good Neighbor Award from the Northern Monmouth Chamber of Commerce.