WASHINGTON (dpa-AFX) - LyondellBasell (LYB) and Grenergy, on Friday, announced signing of five long-term solar power purchase agreements or PPAs.
Under the 15-year contracts, the Spanish renewable energy producer will supply solar energy from the La Cereal solar farm project, which is expected to be operational at the end of 2025.
The agreements represent about 329,000 megawatt-hours (MWh) of solar power annually, equivalent to the annual electricity consumption of more than 90,000 European homes.
'With these agreements, LyondellBasell has now achieved 70% of our target to procure at least half of our electricity from renewable sources by 2030,' said Willemien Terpstra, LyondellBasell vice president, Decarbonization. 'In total, our PPA portfolio will generate over 2.9 million megawatt hours of renewable electricity and reduce our company's scope 2 greenhouse gas emissions by more than one million tons.'
This PPA would help to optimize the financing of Grenergy's largest project to date in Spain. Grenergy noted that its development also strengthens the weight of its European portfolio, which the company expects to double from the current 25% to 45% by 2025.
Also, LyondellBasell continues to progress towards its goal to reduce its scope 1 and 2 greenhouse gas emissions by 42% by 2030 and achieve net zero by 2050.
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