FUJIFILM Holdings Corp. has announced a landmark 100% renewable electricity offset for all North American group operations, powered by a new 125 MW solar + storage facility in Texas. The deal — structured as a virtual power purchase agreement (VPPA) with Minneapolis-based developer Geronimo Power — is backed by the Blevins Solar & Storage Project, a 2,300-acre solar park that reached full commercial operation in March 2026.

“As this project comes online, it aligns with Fujifilm’s transition strategy, combining support for the development of new renewable electricity capacity with broader efforts to achieve measurable reductions in the environmental impacts of our operations over time,” says Chisato Yoshizawa, director, corporate VP and GM of the company’s ESG division.

Project overview: Blevins Solar & Storage Project

The Blevins Solar & Storage Project is a utility-scale solar + storage installation developed by Geronimo Power. Key project specifications for developers and installers include:

• Location: Texas (ERCOT grid)
• Total site area: 2,300 acres
• Nameplate capacity: ~272 MW (Fujifilm offtake: 125 MW, ~46% of capacity)
• Annual generation: 300,000 MWh of renewable energy attributes
• Construction completion: Late 2025
• Commercial operation date (COD): March 2026
• Offtake structure: Virtual Power Purchase Agreement (VPPA)
• Additional partner: Bristol Myers Squibb

How the VPPA structure works for solar developers

A Virtual Power Purchase Agreement (VPPA) is a financial contract — not a physical electricity delivery — between a renewable energy developer and a corporate buyer. This structure is particularly relevant for solar developers seeking long-term, bankable offtake agreements to finance utility-scale projects.

In the Blevins deal, FUJIFILM Holdings America Corporation contracted directly with Geronimo Power under a VPPA. Here’s how the cash flow and REC (Renewable Energy Certificate) transfer works:

• Geronimo Power sells electricity generated by Blevins Solar into the ERCOT wholesale market at spot prices.
• Fujifilm pays Geronimo a fixed strike price per MWh, regardless of market price.
• If spot prices are above the strike price, Fujifilm receives a payment back (a “hedge”). If spot prices are below, Fujifilm pays the difference.
• Fujifilm receives the RECs — the renewable energy attributes — and retires them to claim 100% renewable electricity for its U.S. and Canadian operations.

This VPPA model is now a preferred structure for Fortune 500 companies pursuing Scope 2 emissions reductions under market-based accounting, and it creates the long-term revenue certainty that lenders and tax equity investors require to finance utility-scale solar development.

Carbon impact: What 300,000 MWh means for Scope 2 emissions

The Blevins Solar & Storage Project is projected to offset approximately 90,000 metric tons of CO₂ per year on a market-based accounting basis. For context:

• That represents roughly 10% of the Fujifilm Group’s total global annual CO₂ emissions (based on FY ended March 2025 data).
• The offset covers 100% of electricity usage across all FUJIFILM group companies in the U.S. and Canada.
• Fujifilm’s Sustainable Value Plan 2030 targets net-zero Scope 1 and Scope 2 GHG emissions from operations by FY2040 and a 50% reduction across the full product lifecycle by FY2030.

For solar developers pitching corporate offtake, these numbers illustrate how a single, well-structured VPPA can be a keystone of a multinational company’s entire decarbonization strategy.

Developer spotlight: Geronimo Power and solar in Texas

Minnesota-based Geronimo Power developed and constructed the Blevins project, reflecting the growing trend of independent power producers (IPPs) delivering complex solar-plus-storage projects with multiple corporate offtakers.

“The Blevins project reflects Geronimo’s commitment to building energy infrastructure that delivers real value to communities,” says Gemma Smith, VP of operations at Geronimo. “Working alongside partners such as Fujifilm and Bristol Myers Squibb, we’re delivering dependable power and meaningful economic investment while advancing our shared commitment to community-focused, responsibly built clean energy.”

The project attracted multiple Fortune 500 corporate buyers — including Bristol Myers Squibb — demonstrating the viability of multi-buyer VPPA structures for projects exceeding 200+ MW nameplate capacity. For EPC contractors and solar installation firms, projects of this scale in the ERCOT market represent significant opportunities in civil site preparation, solar panel installation, grid interconnection, and battery energy storage system (BESS) integration.

“At Fujifilm, we have a proud history that spans nearly a century, leveraging our excellence in imaging to become a global leader across healthcare, life sciences, and advanced materials. Yet our purpose has always remained the same, to create and support technologies that improve lives and bring the world more smiles,” says Girish Menon, senior director of EHS for FUJIFILM. “This power purchase agreement turns our purpose into action by supporting new, renewable electricity that advances our energy strategy and helps sustain Fujifilm’s broader decarbonization efforts across North America.”

Tags: ERCOT, solar + storage, utility-scale, Virtual Power Purchase Agreement (VPPA), vPPA