Cinemark Signs Long-Term Renewable Energy Deal with AEP Energy Partners

Cinemark USA, Inc., a wholly-owned subsidiary of Cinemark Holdings, Inc. (CNK), one of the world’s largest motion picture exhibitors, has entered into a nine-year virtual power purchase agreement (VPPA) with AEP Energy Partners, a competitive energy subsidiary of American Electric Power (NYSE: AEP). Cinemark’s VPPA will support up to 40 megawatts of renewable energy from AEP’s Trent Mesa wind energy center in Nolan County, Texas. Once fully implemented, the 40 megawatts of power from Trent Mesa will produce renewable energy equivalent to the approximate power consumption of 120 Cinemark theatres or nearly 14,000 homes. Cinemark will receive renewable energy certificates (REC) for the 40 MW of wind power capacity representing approximately 38 percent of Cinemark’s current total annual domestic energy consumption.

In addition to this new agreement, Cinemark continues to deploy energy efficiency projects including HVAC retrofits, rooftop solar panel installations, as well as interior and exterior LED retrofits.

“We remain committed to reducing our carbon footprint through both onsite and offsite renewable energy projects,” said Mark Zoradi, Cinemark’s CEO. “This new virtual power purchase agreement between Cinemark and AEP is the next step in our ongoing efforts.”

“We are pleased to partner with Cinemark to support clean, renewable energy resources,” said Greg Hall, president, AEP Energy Partners. “AEP Energy Partners is committed to providing innovative competitive energy solutions for our customers, and this agreement will help Cinemark achieve its corporate sustainability goals.”

Source: Cinemark USA, Inc.
Date: Oct 29, 2018