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.
“This installation is the largest onsite photovoltaic solar energy system in the Flavors and Fragrances industry, making IFF a leader in renewable energy in its sector,” said AJ Javan, Managing Partner, GeoPeak Energy. “We are looking forward to continuing our partnership with IFF as we work together to deploy further initiatives to help them meet their eco-efficiency goals.”About GeoPeak Energy GeoPeak Energy, headquartered in Somerset NJ, is a global solar energy and sustainability solutions provider for multinational organizations that have made sustainability part of their operating philosophy. GeoPeak specializes in design, engineering, project finance, and construction of solar energy systems for businesses that are seeking immediate results for their sustainability goals through the reduction of CO2 emissions. GeoPeak has received numerous industry recognitions for achievements, market leadership and unique product and service offerings, including Private Company of the Year. For more information, please visit www.geopeak.com. About IFF International Flavors & Fragrances Inc. (NYSE:IFF) is a leading global creator of flavors and fragrances used in a wide variety of consumer products. Consumers experience these unique scents and tastes in fine fragrances and beauty care, detergents and household goods, as well as beverages, sweet goods and food products. The Company leverages its competitive advantages of consumer insight, research and development, creative expertise, and customer intimacy to provide customers with innovative and differentiated product offerings. A member of the S&P 500 Index, IFF has more than 6,000 employees working in 31 countries worldwide. For more information, please visit our website at www.iff.com.