LyondellBasell and Lightsource bp announce renewable energy power purchase agreement
LyondellBasell (NYSE: LYB) today announced it signed a power purchase agreement (PPA) to secure 149 megawatts (MW) of renewable electricity capacity from Lightsource bp´s solar project in Spain.
Under this 10-year PPA, Lightsource bp will deliver approximately 284,000 megawatt-hours (MWh) of solar power to LyondellBasell annually. This is comparable to the annual electricity consumption of approximately 78,000 European homes, starting in 2026. With this latest PPA, the company will reach 78% of its total renewable electricity goal.
“We are taking decisive steps to reduce our absolute scope 1 and 2 greenhouse gas emissions, while creating solutions for everyday sustainable living,” said Chris Cain, LyondellBasell Senior Vice President for Net Zero Transition Strategy. “Solar power purchase agreements accelerate the development of clean energy and are a critical lever in our emissions reduction efforts.”
Approximately 15% of the company’s 2020 baseline scope 1 and 2 greenhouse gas emissions comes from its electricity consumption. As an important component of its pathway to net zero by 2050, LyondellBasell has a target to procure a minimum of 50% of electricity from renewable sources by 2030, based on 2020 procured levels.
The agreement is Lightsource bp’s first cross border corporate PPA signed in Spain and the company is currently working to bring over 1 gigawatt (GW) of solar projects into construction.
In line with Lightsource bp’s commitment to care for the environment and promote biodiversity, the solar project in Spain will integrate with the local ecosystem through the application of environmental measures. This includes the renaturation of the area with native species and the protection of fauna with the creation of refuges for the birds present in the area.
“We are delighted to have been selected by LyondellBasell as a partner on their greenhouse gas emission reduction journey” said Zosia Riesner, Director of Power Markets for Europe at Lightsource bp. We take immense pride in our ability to offer tailored and customized solutions to our customers while leveraging Lightsource bp’s global reach to offer additionality and innovative structures through our contracts. Our continued investment in growing our pipeline of projects across Spain provides exciting opportunities for collaborations like this in the near future.”
Lightsource bp is currently progressing over 10 gigawatts (GW) of utility scale solar projects at different stages of development across Europe, which will be made available to corporations and utilities seeking to reduce greenhouse gas emissions associated with their electricity supply.
LyondellBasell was advised on the transaction by Schneider Electric.
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