Agreement Overview
Covestro and bp have entered into a 10-year power purchase agreement (PPA) to supply renewable energy from a solar power plant in Spain. This agreement significantly increases Covestro's renewable energy consumption in Spain, raising it from less than 10% to approximately 30%.
Impact on Emissions
The deal enables Covestro to cut its CO2 emissions by approximately 16,000 tonnes annually. This is part of Covestro's broader strategy to achieve operational climate neutrality by 2035.
Renewable Energy Sources
The renewable power will be sourced from an operational solar photovoltaic (PV) farm located in Teruel, in the Aragon region of eastern Spain. bp has an offtake agreement in place with this facility.
Strategic Goals
Covestro aims to convert its production to 100% renewable energy by the end of 2035. As of the end of 2023, the company fulfilled approximately 16% of its global electricity needs from renewable sources.
