LyondellBasell secures 560 MW of renewables supply via new PPAs

Plastics, chemicals and refining company LyondellBasell (NYSE:LYB) has doubled the number of renewable power purchase agreements (PPAs) it has in place to eight, with the four new ones representing a combined capacity of about 560 MW.

The company announced in a statement on Thursday that it signed its first two such contracts in Europe – one in the Nordics tied to 230 MW of projects expected to start power generation in the first quarter of 2026, and one in Spain associated with the 5-MW Tarragona solar project. The second one represents the first physical PPA project at a LyondellBasell production site in the country, it noted.

Meanwhile, in the US, LyondellBasell has entered into two additional PPAs. The projects concerned are located in Texas and have a combined renewable energy generation capacity of about 320 MW.

"These renewable electricity contracts cover nearly one-third of our 2020 baseline electricity consumption. This demonstrates tangible progress towards our overall objective to reduce our scope 1 and 2 emissions by 42% by 2030, relative to a 2020 baseline," stated Willemien Terpstra, LyondellBasell Vice President, Decarbonization.

The company’s goal is to procure at least 50% of its global electricity from renewable sources by 2030. The PPAs it already has in place cover more than half of that objective, according to the announcement.

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