Statkraft to supply 83 GWh of green power to Vitesco Technologies

Norwegian state-owned power company Statkraft AS has signed a power purchase agreement (PPA) with Vitesco Technologies (FRA: VTSC), a German maker of drive systems for sustainable mobility, to supply it with a total of about 83,000 MWh of renewable electricity.

The agreement is for a period of three years, starting in January 2024. Under it, Statkraft is supplying Vitesco Technologies with around 10,500 MWh of solar power and around 17,300 MWh of wind power annually. Due to solar and wind’s complementary generation profiles, Vitesco Technologies will be able to meet a significant portion of the power needs of its German sites.

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The solar power will come from the Ihlenfeld solar park in Neuenkirchen, Mecklenburg, and the wind power from the Uetze-Sued wind farm in Lower Saxony.

Vitesco Technologies has been sourcing all of its electricity from renewables since 2020. The company targets net climate neutrality for its operations by 2030 and net-zero greenhouse gas emissions across the value chain by 2040. “The agreement with Statkraft is an important milestone for us on this path. It not only allows us to secure a climate-neutral electricity supply, but also to promote its further expansion through stronger location-based regionalisation of the purchased grid electricity from renewable sources,” said Anja Rivera de la Cruz, Vitesco Technologies' head of Sustainability and Security.