Brazil's Omega Energia to supply renewable power to 3M

US-based diverse manufacturing and technology company 3M Co (NYSE:MMM) has signed a ten-year contract in Brazil for the supply of renewable power by local energy company Omega Energia SA (BVMF:MEGA3).

The new power purchase agreement (PPA) represents an extension of the almost ten-year partnership between the companies, Omega announced on Wednesday. The contract will become effective next year.

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Under the agreement, the US firm will buy renewable energy certificates from Omega plants that will contribute to offsetting approximately 32,100 tonnes of carbon dioxide (CO2) emissions.

At present, 3M has a total of four factories in Brazil -- three in Sao Paulo and one in Amazonas. The company is committed to becoming carbon neutral by 2050.