April 22, 2026
FUJIFILM Holdings Corp. has announced a milestone of 100% renewable electricity offsets 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 farm that became fully commercially operational 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,” said 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 and storage installation developed by Geronimo Power. Key project specifications for developers and installers include:
- Location: Texas (ERCOT grid)
- Total area of the site: 2,300 hectares
- Nominal capacity: ~272 MW (Fujifilm offtake: 125 MW, ~46% of capacity)
- Annual generation: 300,000 MWh of renewable energy features
- Construction completion: end of 2025
- Commercial Operation Date (COD): March 2026
- Purchase 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 supply – between a renewable energy developer and a corporate buyer. This structure is particularly relevant for solar developers looking for long-term, affordable 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 at bargain prices on the ERCOT wholesale market.
- Fujifilm pays Geronimo a fixed exercise price per MWh, regardless of the market price.
- If spot prices are above the strike price, Fujifilm receives a refund (a “hedge”). If the spot prices are lower, Fujifilm will pay the difference.
- Fujifilm will receive the RECs – the renewable energy attributes – and retire them to claim 100% renewable electricity for its US 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 investors need to finance utility-scale solar development.
Carbon impact: which means 300,000 MWh for Scope 2 emissions
The Blevins Solar & Storage Project is expected to offset approximately 90,000 tons of CO₂ per year on a market-based accounting basis. For context:
- That represents roughly 10% of Fujifilm Group’s total global annual CO₂ emissions (based on data for the fiscal year ending March 2025).
- The compensation covers 100% of the electricity consumption of all FUJIFILM Group companies in the US and Canada.
- Fujifilm’s Sustainable Value Plan 2030 targets net-zero greenhouse gas emissions from Scope 1 and Scope 2 operations by FY2040 and a 50% reduction across the full product life cycle by FY2030.
For solar developers looking to build businesses, these figures illustrate how a single, well-structured VPPA can be a cornerstone of a multinational’s entire decarbonization strategy.
Developer in the spotlight: Geronimo Power and solar energy in Texas
Minnesota-based Geronimo Power developed and built 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,” said Gemma Smith, VP Operations at Geronimo. “By working with partners like Fujifilm and Bristol Myers Squibb, we are delivering reliable power and meaningful economic investments while advancing our shared commitment to community-driven, 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 with a nameplate capacity greater than 200 MW. For EPC contractors and solar installation companies, projects of this size in the ERCOT market represent significant opportunities in civil site preparation, solar panel installation, electrical grid interconnection, and battery energy storage systems (BESS) integration.
“At Fujifilm, we have a proud history spanning nearly a century, leveraging our excellence in imaging to become a global leader in healthcare, life sciences and advanced materials. Yet our purpose has always remained the same: to create and support technologies that improve lives and bring more smiles to the world,” said Girish Menon, senior director of EHS for FUJIFILM. “This power purchase agreement puts our purpose into action by supporting new, renewable electricity that advances our energy strategy and supports Fujifilm’s broader efforts to reduce carbon emissions across North America.”
Tags: ERCOT, solar + storage, utility scale, Virtual Power Purchase Agreement (VPPA), vPPA
