LyondellBasell unveils two new PPAs for 165 MW of solar

Plastics, chemicals and refining company LyondellBasell (NYSE:LYB) has entered into two additional solar power purchase agreements (PPAs) with Buckeye Partners for 165 MW and now has four such contracts in total, three of which are with the same supplier.

A month ago, LyondellBasell said it had contracted a total of 216 MW of wind and solar power generating capacity in Texas, including 116 MW from Buckeye’s Files solar project in Hill County, outside of Dallas.

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Now, the chemicals company has also agreed to purchase electricity from Buckeye’s Crown and Sol solar projects in Falls County, Texas. They are being built on adjacent sites and are expected to initiate commercial operations in the third quarter of 2023. The solar parks are estimated to produce more than 400,000 MWh of power per year for LyondellBasell under 15-year contracts.

LyondellBasell has set a 2030 objective of procuring at least 50% of its current electricity consumption from renewable sources.

"Through their use in the production of wind turbines, solar panels and electric vehicles, our products are critical to the energy transition. Expanding our investment in wind and solar energy sources helps reduce the emissions associated with producing the vital products which make renewable energy possible," said Peter Vanacker, CEO of LyondellBasell.

The other PPA the company has in place is with Engie North America.