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They sign contracts to reduce emissions equivalent to the energy consumption of 90,000 homes
ROTTERDAM, The Netherlands, March 10, 2023 /PRNewswire/ -- LyondellBasell and Grenergy have signed five long-term solar power purchase agreements (PPAs). Under the 15-year contracts, the Spanish renewable energy producer will supply solar power from the La Cereal solar farm project, which is expected to be operational by the end of 2025. The deals represent some 329,000 megawatt-hours (MWh) of solar energy annually, equivalent to the annual electricity consumption of more than 90,000 European homes.
"With these agreements, LyondellBasell has now reached 70% of our goal of sourcing at least half of our electricity from renewable sources by 2030," commented Willemien Terpstra, LyondellBasell's vice president of decarbonization. "In total, our PPA portfolio will generate more than 2.9 million megawatt hours of renewable electricity and reduce our company's Scope 2 greenhouse gas emissions by more than one million tons."
"This PPA will help optimize the financing of Grenergy's largest project to date in Spain," said David Ruiz de Andrés, CEO of Grenergy. "Its development also reinforces the weight of our European portfolio, which we expect to double from the current 25% to 45% in 2025. A proven structure and the ability to close PPAs is key to maintaining the pace of connections and achieving our strategic objectives."
The 259 megawatt (MW) La Cereal solar park project is part of the Clara Campoamor photovoltaic solar energy project, which Grenergy is developing between the region of Madrid and Castilla La Mancha. The total installed electrical capacity will be approximately 575 MW, and it will become one of the largest photovoltaic parks in Europe.
These agreements demonstrate LyondellBasell's continued progress toward the company's goal of reducing its Scope 1 and 2 greenhouse gas emissions by 42% by 2030 and achieving net zero by 2050.
About Lyondell Basell
As a leader in the global chemical industry, LyondellBasell strives every day to be the safest, best-operated and most valued company in our industry. The company's products, materials and technologies are advancing sustainable solutions for food safety, access to clean water, healthcare and fuel efficiency in more than 100 international markets. LyondellBasell places a high priority on diversity, equity and inclusion and moves toward good with an emphasis on our planet, the communities in which we operate and our future workforce. The company prides itself on its world-class technology and customer focus. LyondellBasell has stepped up its circularity and climate ambitions and actions to address the global challenges of plastic waste and climate change. For more information, visit www.LyondellBasell.com or follow @LyondellBasell on LinkedIn.
About Grenergy Renewables
Grenergy Renovables is a Spanish company created in 2007, an independent producer of energy from renewable sources, mainly wind and photovoltaic, which has been listed on the Spanish Stock Exchange since 2015. Its business model covers all phases of the project, from development to construction. and financial structuring to the operation and maintenance of the plants. The company has a global project line of more than 11.7 GW in various stages of development in the 10 countries in which it operates in the European market (Spain, Italy, Germany, Poland and the United Kingdom), North America (United States ) and Latin America (Chile, Peru, Mexico, Argentina and Colombia).
Forward-Looking Statements For LyondellBasell
Statements in this release relating to matters that are not historical facts are forward-looking statements. These forward-looking statements are based on assumptions by LyondellBasell's management believed to be reasonable at the time made and are subject to significant risks and uncertainties. Actual results could differ materially based on factors including, but not limited to, our ability to meet our sustainability goals, including the ability to obtain electricity from renewable sources and reduce our greenhouse gas emissions; and the successful construction and operation of the facilities described in this release. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in the "Risk Factors" section of our Form 10-K for the year ended December 31, 2021, which can be found at www. LyondellBasell.com on the Investor Relations page and on the Securities and Exchange Commission website at www.sec.gov. There is no guarantee that any of the actions, events or results of the forward-looking statements will occur, or if any of them occur, what impact they will have on our results of operations or financial condition. Forward-looking statements speak only as of the date made and are based on the estimates and opinions of LyondellBasell management at the time the statements are made. LyondellBasell does not undertake any obligation to update forward-looking statements should circumstances or management's estimates or opinions change, except as required by law.
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