Cinemark Signs Long-Term Renewable Energy Deal with AEP Energy Partners
October 29, 2018 10:21 AM Eastern Daylight Time
PLANO, Texas--(BUSINESS WIRE)--Cinemark USA, Inc., a wholly-owned subsidiary of Cinemark Holdings, Inc. (NYSE: 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.
“We are pleased to partner with Cinemark to support clean, renewable energy resources”
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.”
ABOUT CINEMARK HOLDINGS, INC.:
Cinemark is a leading domestic and international motion picture exhibitor, operating 539 theatres with 5,998 screens in 41 U.S. states, Brazil, Argentina and 13 other Latin American countries as of June 30, 2018. For more information, go to investors.cinemark.com.
ABOUT AEP ENERGY PARTNERS:
AEP Energy Partners is a competitive wholesale electricity and natural gas supply provider owned by American Electric Power (NYSE: AEP) supplying wholesale electricity and natural gas solutions for customers in ERCOT, MISO, PJM, and SPP currently across 15 states.
Cinemark Holdings, Inc.
Lanay Stokes, 972-665-1680
Chanda Brashears, 972-665-1500
American Electric Power
Melissa McHenry, 614-716-1120
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