LyondellBasell and Encavis Asset Management AG Seal Renewable Energy Power Agreement
LyondellBasell and Encavis Asset Management AG Seal Renewable Energy Power Agreement

LyondellBasell and Encavis Asset Management AG Seal Renewable Energy Power Agreement

  • 05-Apr-2024 3:23 PM
  • Journalist: Jacob Kutchner

LyondellBasell and Encavis Asset Management AG have formally inked a power purchase agreement (PPA) to acquire 208 megawatts (MW) of renewable electricity generation capacity from a solar park situated in Bartow, Germany. This solar park is poised to rank among the largest of its kind in the country.

As per the conditions of this 12-year PPA, Encavis AM will annually provide LyondellBasell with approximately 210 gigawatt-hours (GWh) of solar power. This volume of renewable energy is equivalent to the yearly electricity consumption of around 56,500 European households and is scheduled to commence in 2025. By entering into this latest PPA, LyondellBasell is set to achieve over 90% of its total renewable electricity target.

Chris Cain, LyondellBasell's Senior Vice President for Net Zero Transition Strategy, emphasized the pivotal role of Power Purchase Agreements in the company's strategy to decrease its absolute scope 1 and 2 greenhouse gas emissions. He stated, "This latest agreement will accelerate the development and deployment of clean energy across different sectors in Germany."

Around 15% of the company's 2020 baseline scope 1 and 2 greenhouse gas emissions are attributed to electricity consumption. As part of its journey towards achieving net zero emissions by 2050, LyondellBasell has set a target to procure a minimum of 50% of its electricity from renewable sources by 2030, based on 2020 levels of procurement.

Encavis AM meticulously selected the site of the solar park, strategically positioned approximately 150 kilometers (93 miles) north of Berlin, to capitalize on optimal solar radiation and efficiency. The construction of the park's first phase is slated to commence in March 2024, with completion scheduled for the summer of 2025. Upon completion, the park is expected to boast a total electricity capacity of 260 MW.

Karsten Mieth, Spokesman of the Board of Encavis Asset Management AG, expressed confidence in the project's significance, stating, "This vast large-scale solar project in Bartow reaffirms our expertise in sophisticated investments in the Renewable Energy sector and makes a substantial contribution to the energy transition." Leveraging their industry knowledge, Encavis AM is committed to operating the solar park in an environmentally sustainable and economically viable manner.

LyondellBasell stands as a frontrunner in the worldwide chemical industry, dedicated to crafting solutions that foster sustainable living on a daily basis. Utilizing advanced technology and strategic investments, LyondellBasell is actively driving the transition toward a circular and low-carbon economy. The company is committed to unlocking value for its customers, investors, and society as a whole through its endeavors.

As one of the foremost producers of polymers globally and a trailblazer in polyolefin technologies, LyondellBasell specializes in the development, manufacturing, and marketing of top-tier, innovative products. These products cater to a wide array of applications, spanning from sustainable transportation and food safety to clean water and superior healthcare solutions.

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