Page 44 - Plastics News July 2024

COMPANY NEWS

Covestro and bp sign long-term supply

agreement for solar power in Spain

♦ 10-year agreement to supply Covestro with Olvido Moraleda, president of bp Energía España,
renewable energy from a solar power plant said: “This agreement is a significant milestone for
in Spain bp in Spain, enabling us to provide renewable en-

♦ Contract boosts Covestro’s renewable elec- ergy through a PPA to a key industrial customer.
tricity use in Spain to 30 percent, signifi- This deal enables bp and Covestro to work together
cantly increasing renewables supply for in delivering lower carbon energy to a traditionally
Tarragona site hard-to-abate sector, as part of bp’s strategy to be-
come an integrated energy company.”
♦ The agreement supports Covestro’s goal of
achieving operational climate neutrality by
2035
olymer materials manufacturer Covestro and
bp have signed a long-term power purchase
Pagreement (PPA) for renewable energy from a
solar power plant in Spain. The 10-year agreement
increases the share of renewable energy in Coves-
tro’s total electricity consumption in Spain from
less than 10 percent to approximately 30 percent.
Covestro is thereby taking another important step
towards achieving operational climate neutrality by
2035.

The deal builds on Covestro’s announcement in And rea Firenze, General Manager at Covestro
2022 around its three smaller production sites in Spain, said: "Commitment to sustainability is a non-
Spain - in the Zona Franca in Barcelona, Parets del negotiable part of everything we do, and this agree-
Vallés and Santa Margarida i els Monjos – which ment allows us to take a further step in our mission
started running on 100 percent renewable elec- to make energy use as efficient and sustainable as
tricity. With the new agreement, a significant por- possible throughout our value chain. In the same
tion of the electricity consumed by the company's way, through this alliance with bp, we will continue
main production site in Tarragona can now also be to promote the strategic positioning of our Tarra-
supplied by renewable sources, enabling Covestro gona site through a more stable, more predictable
to cut its CO2 emissions by approximately 16,000 and, above all, more sustainable long-term energy
tonnes per year.* supply."

"With the PPA, we are demonstrating that we at Jason Tate, head of European power trading and
Covestro are using every opportunity to consist- origination at bp, said: “This agreement highlights
ently increase the proportion of energy from renew- not just bp’s commitment to Spain. It’s an example
able sources at our sites worldwide," says Thorsten of how bp is continuing to invest in developing our
Dreier, CTO at Covestro. "Because we are convinced expertise and capability to support European com-
that our vision of a complete focus on the circular mercial and industrial customers to help meet their
economy and climate neutrality is the only way to decarbonization goals.”
ensure the long-term success of our company."

46 PLASTICS NEWS July 2024