LyondellBasell achieves 50% renewables target with 2 PPAs each in Europe and US

LyondellBasell on Thursday announced the signing of the first two European renewable electricity power purchase agreements (PPAs) and two additional PPAs in the United States. The combined additional contracts represent a total of approximately 560 megawatts (MW) of renewable energy capacity, the company has said. 

LyondellBasell has so far signed eight PPAs and achieved over half of its 2030 target to procure a minimum of 50 per cent of global electricity from renewable sources. These PPAs will generate over 2.6 million megawatt hours (MWh) of renewable electricity annually and reduce LyondellBasell's scope 2 emissions by nearly 1 million metric tonnes of carbon emissions, equivalent to the emissions associated with the annual electricity consumption of more than 370,000 homes, the co0mpany stated in a release.
"Decarbonising the electricity supply through purchasing renewable electricity is crucial to meet LyondellBasell's 2030 and 2050 net zero greenhouse gas emissions targets," said Willemien Terpstra, LyondellBasell vice president for decarbonization. "These renewable electricity contracts cover nearly one-third of our 2020 baseline electricity consumption. This demonstrates tangible progress towards our overall objective to reduce our scope 1 and 2 emissions by 42 per4 cent by 2030, relative to a 2020 baseline."
LyondellBasell signed a PPA for multiple Nordic projects representing approximately 230 MW of renewable energy capacity, with operations expected to begin in the first quarter of 2026. 
The Tarragona Solar Project is the first physical PPA project located at a LyondellBasell production site in Spain. This project is expected to begin operations in the third quarter of 2023 with approximately 5 MW of renewable energy capacity. This electricity will help reduce 17 per cent of Scope 2 emissions locally in the production of polypropylene compounds used in automotive applications.
LyondellBasell also signed two additional PPAs in the United States. These projects are located in Texas, with approximately 320 MW of renewable energy capacity on LyondellBasell's behalf.