Encavis Asset Management AG and LyondellBasell Sign Major Renewable Energy Agreement

On April 2, 2024, LyondellBasell and Encavis Asset Management AG (Encavis AM) made a significant move towards sustainability by signing a power purchase agreement. This deal secures 208 MW of renewable electricity from a major solar park in Bartow, Germany, indicating progress towards green energy utilization.

Through this 12-year agreement, Encavis AM commits to supplying LyondellBasell with approximately 210 GWh of solar energy annually from 2025. This quantity of energy is equivalent to the power needs of around 56,500 European homes, marking a substantial stride towards LyondellBasell's renewable electricity targets.

Chris Cain, LyondellBasell’s Senior Vice President for Net Zero Transition Strategy, stated the importance of PPAs in achieving the company's greenhouse gas emission goals. Cain highlighted this agreement as a key step in promoting clean energy development in Germany.

LyondellBasell has set ambitious environmental goals, aiming to procure at least 50% of its electricity from renewable sources by 2030 as part of its net zero by 2050 initiative. This agreement propels the company past 90% of its renewable electricity objective.

Encavis AM, in selecting the solar park's location, aimed to maximize solar efficiency, with construction set to commence in March 2024 and completion expected by summer 2025. Karsten Mieth of Encavis AM emphasized the project's role in bolstering renewable energy investments and its commitment to sustainable and profitable operation.