Borealis and Axpo sign 2nd long-term PPA for renewable energy
Austrian chemical firm Borealis and Axpo, Switzerland’s largest producer of renewable energy and supplier of solar and wind power, have signed their second power purchase agreement (PPA) in six months. The eight-year deal closely follows on the heels of the ten-year PPA with Axpo announced in October 2022, which procures renewable electricity for Borealis operations in Stenungsund, Sweden, from January 2024. The new PPA covers the supply of green power from a recently commissioned wind farm in Kröpuln, in the west of Finland, also from 2024.
By supplying 100 gigawatt hours (GWh) of additional renewable power annually, the new PPA is another milestone in the Borealis journey to more sustainable operations and reduced emissions.
Borealis aims to increase the share of electricity from renewable sources used in its own production operations to 40% by 2025 and 100% by 2030. Like each of the multiple PPAs signed with renewable energy partners in recent years, the new PPA with Axpo enables Borealis to lower its Scope 2 emissions – so-called indirect greenhouse gas emissions, meaning those resulting from the purchase or acquisition of electricity, steam, heat, and cooling.
“We are extremely pleased to sign this second major PPA with Axpo. It signals our commitment to driving the energy transition – even in the face of strong headwinds coming from a turbulent energy market,” says Borealis Executive Vice President Base Chemicals and Operations, Wolfram Krenn.
“We are staying the course in our efforts to achieve our Energy & Climate targets, and are particularly interested in having a direct and positive impact on the communities and regions in which we are active. This is fully in line with Borealis’ purpose of re-inventing for more sustainable living.”
“By expanding our collaboration with Borealis for renewable power in the Nordic countries, we are glad to have found a forward-looking partner that we can support in reaching their sustainability goals,” says Tomas Sjöberg, Managing Director Axpo Sverige AB.
