Borealis-Axpo: new PPA agreement for green energy
Borealis and Axpo have signed their second Power Purchase Agreement (PPA) in just six months. This eight-year agreement is another step towards Borealis’ ambitious goal of using 100% renewable electricity in its European operations by 2030.
| Sectors | Wind Energy, Onshore |
|---|---|
| Themes | Investments & Transactions, Contracts |
| Companies | Borealis, Axpo |
| Countries | Finland |
Borealis, a leading provider of sustainable polyolefin solutions, and Axpo, Switzerland’s largest renewable energy producer, sign their second power purchase agreement (PPA) in just six months.
Borealis signs a PPA for the supply of green energy to a wind farm in Finland
The new PPA covers the supply of green energy from a recently commissioned wind farm in Kröpuln, Western Finland. It will feed Borealis ‘ production operations in Porvoo, Finland, starting in 2024. This eight-year agreement is another step towards Borealis’ ambitious goal of using 100% renewable electricity in its Polyolefins and Hydrocarbons businesses in Europe by 2030.
The agreement is a significant step in Borealis’ journey towards more sustainable operations and reduced emissions. Borealis is committed to increasing the share of renewable electricity used in its own production operations to 40% by 2025 and 100% by 2030.
By providing an additional 100 gigawatt hours (GWh) of renewable energy each year, the new APP allows Borealis to reduce its Scope 2 emissions, which are indirect greenhouse gas emissions resulting from the purchase or acquisition of electricity, steam, heat and cooling.
New PPA between Borealis and Axpo strengthens collaboration for sustainability
Despite a tumultuous energy market environment, Borealis is delivering on its commitment to meet its ambitious energy and climate goals. The company has signed several APPs with renewable energy partners in recent years, and each agreement contributes to the company’s efforts to reduce its environmental impact.
“We are staying the course in our efforts to meet our energy and climate goals, and we are particularly interested in making a direct and positive impact on the communities and regions in which we operate,” says Wolfram Krenn, Borealis’ executive vice president for commodity chemicals and operations. “This is perfectly in line with Borealis’ goal of reinventing for a more sustainable life.
The new PPA with Axpo demonstrates Borealis’ commitment to stimulating the energy transition and supporting the development of renewable energy. “By expanding our collaboration with Borealis for renewable energy in the Nordics, we are pleased to have found a visionary partner that we can support in achieving their sustainability goals,” says Tomas Sjöberg, CEO of Axpo Sverige AB.
The news of this second APP is not only a significant step for Borealis, but also a positive development for the renewable energy industry in Europe. The continued growth of the renewable energy market is critical to the success of the energy transition and to achieving a sustainable future.
