Chemical manufacturer LyondellBasell has sealed a 10-year Power Purchase Agreement (PPA) with Lightsource BP to secure 149MW of renewable electricity capacity from a solar project in Spain.
Under the terms of this PPA, Lightsource BP will be responsible for supplying LyondellBasell with approximately 284,000 megawatt-hours (MWh) of solar power annually. This agreement not only exemplifies LyondellBasell's commitment to sustainability but also plays a pivotal role in accelerating the adoption of clean energy solutions.
LyondellBasell's senior vice president for net-zero transition strategy, Chris Cain, emphasized the company's dedication to reducing greenhouse gas emissions, particularly in scope 1 and 2 categories. He stated, “Solar power purchase agreements accelerate the development of clean energy and are a critical lever in our emissions reduction efforts.”
Significantly, approximately 15% of LyondellBasell's baseline scope 1 and 2 greenhouse gas emissions in 2020 stemmed from its electricity consumption, underscoring the importance of transitioning to renewable energy sources.
As part of its ambitious net-zero roadmap for 2050, LyondellBasell has set a target to procure a minimum of 50% of its electricity from renewable sources by 2030, benchmarked against 2020 procurement levels. This commitment reflects the company's proactive approach to sustainability and aligns with global efforts to combat climate change.
For Lightsource BP, this agreement represents a milestone as it marks the company's first cross-border corporate PPA signed in Spain. Simultaneously, Lightsource BP is actively working on advancing over 1 gigawatt (GW) of solar projects into construction, further contributing to Spain's renewable energy landscape.
Beyond simply generating renewable power, Lightsource BP's approach emphasizes environmental responsibility and biodiversity. The Spanish solar project will be integrated with the local ecosystem through the implementation of various environmental measures. These include renaturing the area with native species and creating refuges for local bird populations, enhancing the site's overall sustainability and ecological impact.
Zosia Riesner, Director of Power Markets for Europe at Lightsource BP, expressed enthusiasm for the partnership, saying, “We are delighted to have been selected by LyondellBasell as a partner on their greenhouse gas emission reduction journey.” Riesner highlighted Lightsource BP's ability to provide tailored solutions while leveraging their global reach to offer innovative structures through their contracts.
Schneider Electric played a pivotal role in advising LyondellBasell on this transaction, underscoring the importance of collaboration and expertise in advancing sustainability initiatives.
