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    Home > Chemicals Industry > Rubber Plastic News > BASF and Engie sign renewable energy power purchase agreement

    BASF and Engie sign renewable energy power purchase agreement

    • Last Update: 2023-01-16
    • Source: Internet
    • Author: User
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    ENGIE and BASF have signed a 25-year European Power Purchase Agreement (PPA) for renewable energy
    .
    Under the PPA, effective January 1, 2022, ENGIE will provide BASF with renewable electricity in aggregate of up to 20.
    7 TWh for the entire term of the agreement

    .

    ENGIE's portfolio of multiple renewable projects in Europe will power multiple European sites of BASF
    .
    Power will initially come from onshore wind farms at various locations within Spain, where ENGIE acts as an equity investor or energy manager

    .
    In a further process, ENGIE will have the option to supply power from existing Spanish assets or future onshore and offshore wind farms

    .

    "BASF and ENGIE have been working together for many years
    .
    With this agreement, we have taken an important next step on the road to climate-neutral chemical production

    .
    An important lever is to replace fossil electricity with renewable electricity

    .
    This agreement with European Energy The long-term contracts of the major players in the market ensure a large amount of electricity from renewable sources for

    BASF.
    At the same time, it makes BASF a green energy promoter, triggering more renewable energy projects in Europe,” BASF Europe executive Board Chairman Dr.
    Martin Brudermüller said

    .

    Catherine MacGregor, CEO of ENGIE, said: "Thanks to our large, diverse and growing portfolio of renewable energy production, ENGIE is able to provide carbon-free energy and electricity to its customers, including leading multinational companies such as BASF
    .
    This shows that we Having the ability to accompany them on their own path to carbon neutrality is an achievement we are proud of

    .
    In the long run, this contract will deliver stable economic and environmental value to both parties

    .

    Bloomberg New Energy Finance, a reference for strategic analysis in the field of energy transition, ranked ENGIE first in the corporate PPA signed at the end of July 2021
    .
    At the end of September, ENGIE had signed new corporate power purchase agreements with a total capacity of 1.
    9 GW since the beginning of the year (1.
    5 GW for the full year 2020), providing renewable energy to major industrial and technology companies

    .

    The agreement is fully in line with ENGIE's long-term strategy to develop renewable energy and BASF's climate protection goals
    .
    BASF aims to reduce greenhouse gas emissions by 25% by 2030 compared to 2018 levels and achieve net-zero emissions by 2050

    .

    From 2030, BASF hopes to implement low-emission technologies such as CO2-free hydrogen production methods and electrically heated steam crackers, which will significantly increase BASF's demand for renewable energy
    .

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