Houston (ots/PRNewswire) – LyondellBasell has signed its first two power purchase agreements (PPAs) in the U.S., supporting the company’s climate goal of sourcing at least 50 percent of its electricity from renewable sources by 2030. The combined agreements represent 216 megawatts (MW) of renewable energy that will generate an estimated 628,000 megawatt hours (MWh) of clean electricity per year. Approximately 15 percent of LyondellBasell’s total Scope 1 and Scope 2 greenhouse gas emissions come from electricity consumption. These agreements will allow the company to reduce its carbon dioxide emissions by approximately 225,000 tons annually.
“It’s important to us to create a better future for the next generation. That’s one reason we are focused on achieving our climate goal of net-zero emissions from our global operations,” said Peter Vanacker, CEO of LyondellBasell. “Renewable energy is a key component in getting there, and power purchase agreements are our preferred approach to decarbonizing our electricity supply. These strategic projects move us forward in reducing greenhouse gas emissions, but also provide scalability and support investment in new renewable energy capacity.”
ENGIE Limestone Wind Project LyondellBasell signed a PPA with ENGIE North America (ENGIE) for 100 MW of renewable electricity from ENGIE’s new Limestone Wind Project in Navarro and Limestone counties, Texas. The project is expected to be operational by the end of 2022.
The 12-year agreement will generate an estimated 377,000 MWh of clean electricity annually, equivalent to about 135,000 metric tons of carbon dioxide or the annual electricity consumption of more than 35,000 average American homes.
“This agreement demonstrates that we are working together to find a way to help address the shared global challenge of climate change,” said David Carroll, ENGIE’s chief renewables officer. “We are particularly honored to work with LyondellBasell on their first PPA agreement that will provide stable long-term economic and environmental benefits for both parties.”
Buckeye Files Solar Project LyondellBasell also signed a PPA with Buckeye Partners for 116 MW of renewable electricity generated from the Files Solar Project in Hill County outside Dallas, Texas. The solar farm is expected to be operational in the second quarter of 2023.
The 10-year agreement will generate an estimated 251,000 MWh of clean electricity per year, which is equivalent to about 90,000 tons of carbon dioxide or the annual electricity consumption of more than 23,300 average American homes.
“Buckeye is pleased to partner with LyondellBasell on this new power purchase agreement and support their sustainability goals,” said Buckeye CEO Todd Russo. “This partnership is an example of our focus on meeting our customers’ increasingly diverse energy needs, including solar.”
LyondellBasell’s climate-related goals support the ambitions of the Paris Agreement and the transition to a low-carbon economy. If LyondellBasell obtains at least half of its electricity from renewable sources by 2030, it is estimated that the company’s Scope 2 greenhouse gas emissions will be reduced by approximately 1.5 million metric tons. LyondellBasell’s renewable energy goal supports the company’s commitment to achieve net-zero Scope 1 and 2 greenhouse gas emissions by 2050.
As a leader in the global chemical industry, LyondellBasell strives every day to be the safest, best-managed and most valued company in our industry. The company’s products, materials and technologies contribute to sustainable solutions for food safety, access to clean water, healthcare and fuel efficiency in more than 100 international markets. LyondellBasell values diversity, equity and inclusion and promotes good with a focus on our planet, the communities in which we operate and our future workforce. The company takes great pride in its world-class technology and customer focus. LyondellBasell has strengthened its ambitions and actions in the areas of circular economy and climate protection to address the global challenges of plastic waste and decarbonization. In 2022, LyondellBasell was named one of the “World’s Most Admired Companies” by FORTUNE Magazine for the fifth consecutive year. For more information, please visit www.lyondellbasell.com or follow @LyondellBasell on LinkedIn.
Statements in this release that address matters that are not historical facts are forward-looking statements. These forward-looking statements are based on assumptions made by LyondellBasell management that are believed to be reasonable as of the date made and are subject to significant risks and uncertainties. In this release, the words “estimate,” “believe,” “continue,” “may,” “intend,” “may,” “plan,” “may,” “predict,” “should,” “will,” “expect” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements include such identifying words. Actual results could differ materially depending on, among other things: the availability, cost and price volatility of utilities; our ability to achieve our sustainability goals, including our ability to reduce our emissions and achieve net-zero emissions within the timeframe set forth in our goals; our ability to obtain energy from renewable sources; and the successful construction and operation of the projects described in this release. For additional factors that could cause results to differ materially from those described in the forward-looking statements, see the “Risk Factors” section of our Form 10-K for the year ended December 31, 2021, available at www.LyondellBasell.com on the Investor Relations page and on the Securities and Exchange Commission’s website at www.sec.gov. There can be no assurance that the actions, events or results of the forward-looking statements will occur or, if any of them occur, what effect they will have on our results of operations or financial condition. Forward-looking statements speak only as of the date they are made and are based on estimates and opinions of LyondellBasell’s management as of the date the statements are made. LyondellBasell assumes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions change, except as required by law.
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