Covestro, a polymer materials manufacturing company, announced that it has signed a 10-year-long power purchase agreement (PPA) with bp. The purchased power will be supplied from a solar power plant located in Spain.
The long-term agreement helps Covestro increase its share of renewable energy in its total electricity consumption in Spain from less than 10% to nearly 30%.
The agreement is part of Covestro’s efforts to achieve operational climate neutrality by 2035.
Thorsten Dreier, Covestro’s CTO, said, “With the PPA, we are demonstrating that we at Covestro are using every opportunity to consistently increase the proportion of energy from renewable sources at our sites worldwide.”
He added, “Because we are convinced that our vision of a complete focus on the circular economy and climate neutrality is the only way to ensure the long-term success of our company.”
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This agreement with bp expands on the company’s previous announcement in 2022 regarding its three smaller production facilities in Spain, located in the Zona Franca in Barcelona, Parets del VallĂ©s, and Santa Margarida i els Monjos.
These sites have already transitioned to utilizing 100% renewable electricity. With the new agreement, a significant amount of the electricity used at Covestro’s primary production site in Tarragona can also now be sourced from renewable sources.
This advancement allows Covestro to reduce its CO2 emissions by an estimated 16,000 tonnes annually.